# In the matter of Dhanshree 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-01138. 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-01138
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dhanshree-agro-product-pvt-ltd-ca-no-158-2018-in-cp-no-ib-184-ald-2017-9487f458

## 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 for withdrawal of the application after admission under Sections 7, 9, and 10 of the IBC, provided there is approval of 90% of the voting share of the Committee of Creditors (COC).

## Facts

The Resolution Professional (RP) filed an application (CA No. 158/18) seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) against Centenary Polytex Pvt Ltd. This withdrawal application is based on Section 12(a) of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed after the admission of the initial application under Sections 7, 9, or 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. The court considered the amended provision of Section 12(a) of the IBC.

## 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 reasoned that since the COC had approved the withdrawal of the CIRP with 100%

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**Interpretation:** Section 12(a) is interpreted to mean that once the COC approves the withdrawal

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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…

## Timeline

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

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