# In the matter of Crown Rotmax Engineering Pvt. Ltd. IA(IBC)-984(CHE)2021 in IBA-1424-2019

> NCLT judgment dated 2021-10-12. Citation: TCN-2021-NCLT-00750. The case involves an application for withdrawal under Section 12A of the IBC, 2016. The…

- **Court:** NCLT
- **Order date:** 12 Oct 2021
- **Citation:** TCN-2021-NCLT-00750
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/crown-rotmax-engineering-pvt-ltd-iaibc-984che2021-in-iba-1424-2019-de3d3e59

## Summary

### Background

The case involves an application for withdrawal under Section 12A of the IBC, 2016. The Applicant/Operational Creditor filed the application. The first CoC meeting was not constituted because there was no Financial Creditor, and no claims were received after the advertisement was published. The whereabouts of the Corporate Debtor and its directors are untraceable. No claims were received by the RP regarding Financial or Operational Creditors.

## Facts

K Ramakrishnan (Proprietor) RAK Engineering, the Applicant/Operational Creditor, filed an application for withdrawal under Section 12A of the IBC, 2016. The application number is IA(IBC)/984(CHE)2021, related to petition number IBA/1429/2019. M/s Crown Rotmax Engineering Pvt Ltd is the Corporate Debtor. The first CoC meeting was not constituted because there was no Financial Creditor, and no claims were received after the advertisement. The whereabouts of the Corporate Debtor and its directors are untraceable. No claims were received by the RP regarding Financial or Operational Creditors. The vakalat on behalf of the Corporate Debtor was filed on 2021-10-08.

## Issues and analysis

### Issue 1: Whether the application for withdrawal under Section 12A of the IBC, 2016 should be allowed given …

**Ratio:** Section 12A of the IBC, 2016 allows for withdrawal of an application under the IBC with

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**Reasoning:** The court reasoned that since there were no financial creditors and the CoC was not

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**Interpretation:** Section 12A is interpreted in the context of the specific circumstances,

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**Application:** Given the facts that no CoC was formed, no financial creditors existed, and the

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** K Ramakrishnan…
- **Respondents:** M/s Crown Rotmax…

## Timeline

- **2019-01-01 — Petition…**: IBA/1429/2019 petition…
- **2021-10-08 — Vakalat…**: Vakalat filed in the…

## 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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