# In the matter of Dhanashree Agro Product Pvt. Ltd. CA No. 158-2018 In CP No.(IB)184-ALD-2017

> NCLT judgment dated 2018-07-16. Citation: TCN-2018-NCLT-01143. The present CA No.158/18 has been filed by the RP seeking withdrawal of the CIRP and to release…

- **Court:** NCLT
- **Order date:** 16 Jul 2018
- **Citation:** TCN-2018-NCLT-01143
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dhanashree-agro-product-pvt-ltd-ca-no-158-2018-in-cp-noib184-ald-2017-c265995b

## Summary

### Background

The present CA No.158/18 has been filed by the RP seeking withdrawal of the CIRP and to release the Corporate Debtor from the ambit of law. The application for withdrawal is based on Section 12(a) of the I&B Code, 2016, which allows withdrawal of the application after admission under Sections 7, 9, and 10 of the IBC, provided that 90% of the voting share of the COC approves.

## Facts

The Resolution Professional (RP) filed CA No. 158/18 seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) and release of the Corporate Debtor from the ambit of law. The withdrawal application is based on Section 12(a) of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed after admission under Sections 7, 9, and 10 of the IBC. The Committee of Creditors (COC) approved the withdrawal with 90% of the voting share. The progress report indicates that the withdrawal of the petition has been approved by the COC with 100% of the voting share.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP can be allowed under Section 12(a) of the …

**Ratio:** Section 12(a) of the I&B Code, 2016, allows for the withdrawal of an application

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**Reasoning:** The court considered the progress report indicating that the withdrawal of the petition

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**Interpretation:** Section 12(a) provides a mechanism for withdrawing a CIRP application after

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**Application:** In this case, the COC approved the withdrawal with 100% of the voting share.

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## Parties

- **Judges:** Saroj Ra…; V. P. S…
- **Respondents:** Centenary Polytex…; Dhanshree Agro…

## Timeline

- **2017-01-01 — CP No.(IB)184/ALD/2017…**: Corporate Insolvency…
- **2018-07-16 — Hearing…**: Hearing of Allahabad Bench of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(a) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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