# In the matter of Calzini Fashions Limited IA-748 & 809-2021 in IB-219-ND-2020

> NCLT judgment dated 2021-02-16. Citation: TCN-2021-NCLT-03024. The Interim Resolution Professional (IRP) filed an application under Section 12A of the IBC to…

- **Court:** NCLT
- **Order date:** 16 Feb 2021
- **Citation:** TCN-2021-NCLT-03024
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/calzini-fashions-limited-ia-748-809-2021-in-ib-219-nd-2020-2a426d81

## Summary

### Background

The Interim Resolution Professional (IRP) filed an application under Section 12A of the IBC to withdraw the Corporate Insolvency Resolution Process (CIRP) application, which was initially filed under Section 7 of the IBC.

## Facts

The Interim Resolution Professional (IRP) filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC), seeking permission to withdraw the application that initiated the Corporate Insolvency Resolution Process (CIRP). This initial application was filed under Section 7 of the IBC, bearing the number IB-219/2020. The CIRP against the Corporate Debtor, Calzini Fashions Limited, commenced on January 28, 2021. The IRP received a copy of the order initiating CIRP on February 3, 2021. Subsequently, the IRP received Form FA on February 11, 2021, and confirmed that no claims had been received from any other person by that date. Furthermore, the IRP informed the Tribunal that they had received their fees and other expenses incurred during the process. These

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## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional should be permitted to withdraw the application filed …

**Ratio:** The NCLT permitted the IRP to withdraw the application under Section 12A of the IBC, as

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**Reasoning:** The IRP submitted that no claims were received from any other person by the time Form FA

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**Interpretation:** The court interpreted **Section 12A** of the IBC to allow withdrawal of a CIRP

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**Application:** Given that the IRP had received their fees and no other claims were submitted

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Respondents:** East India Udyog…; Calzini Fashions…

## Timeline

- **January 28, 2021 — CIRP init…**: The Corporate Insolvency Resolution Process…
- **February 3, 2021 — IRP received o…**: The Interim Resolution Professional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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