# In the matter of B.S. Techno Construct Pvt. Ltd. CA No. 283-2018 in C.P. No. (IB) 108-ALD-2018

> NCLT judgment dated 2018-11-16. Citation: TCN-2018-NCLT-00328. The case pertains to CP No.(IB)108/ALD/2018 filed by Ashtech Buildpro India Pvt. Ltd. as an…

- **Court:** NCLT
- **Order date:** 16 Nov 2018
- **Citation:** TCN-2018-NCLT-00328
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bs-techno-construct-pvt-ltd-ca-no-283-2018-in-cp-no-ib-108-ald-2018-9e6c7684

## Summary

### Background

The case pertains to CP No.(IB)108/ALD/2018 filed by Ashtech Buildpro India Pvt. Ltd. as an Operational Creditor against B.S. Techno Construct Pvt. Ltd., styled as the Corporate Debtor. The Corporate Insolvency Resolution Process (CIRP) commenced on 25.0.2018 following an admission order, and an Interim Resolution Professional (IRP) was appointed. The IRP constituted a Committee of Creditors (COC) consisting of only one financial creditor.

## Facts

Ashtech Buildpro India Pvt. Ltd. filed CP No.(IB)108/ALD/2018 against B.S. Techno Construct Pvt. Ltd. as an Operational Creditor. The CIRP commenced on 25.0.2018, and an IRP was appointed. The IRP formed a COC with only one financial creditor. The Operational Creditor, initially represented by Mr. Harshit Kumar, later by Mr. Chanchal Chaudhary, filed Form-FA to withdraw the application. The COC approved the withdrawal with 100% voting on 28.09.2018. The IRP, based on Form-FA and the COC's resolution, applied under regulation 30(A) for permission to withdraw. No expression of interest had been issued so far. The RP filed CA No.283/2018 U/s 12(A) of I & B Code, 2016 read with regulation 30(A) of Insolvency & Bankruptcy Board of India (Insolvency Resolution

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## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the application for Corporate Insolvency Resolution …

**Ratio:** Regulation 30(A) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution

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**Reasoning:** The court considered the application for withdrawal filed by the Operational Creditor,

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**Interpretation:** The interpretation of Regulation 30(A) allows for the withdrawal of a CIRP

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**Application:** In this case, the Operational Creditor sought to withdraw the application, and

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## Parties

- **Judges:** Saroj Ra…; BIKKI RAVEENDRA…
- **Appellants:** Ashtech Buildpro…
- **Respondents:** B.S. Techno…

## Timeline

- **2018-05-25 — CIRP Commen…**: The Authority commenced the CIRP in respect of M/s B.S. Techno Construct Pvt. Ltd. and…
- **2018-09-28 — COC Resol…**: The COC approved the withdrawal of the application filed by the Operational Creditor with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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