# In the matter of Duke Enterprises Pvt. Ltd. IA No. 187 of 2020 in CP(IB) No. 525-7-NCLT-AHM-2018

> NCLT judgment dated 2020-03-04. Citation: TCN-2020-NCLT-01667. The case involves an application filed under Section 12A r.w. Section 30A of the Insolvency &…

- **Court:** NCLT
- **Order date:** 4 Mar 2020
- **Citation:** TCN-2020-NCLT-01667
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/duke-enterprises-pvt-ltd-ia-no-187-of-2020-in-cpib-no-525-7-nclt-ahm-2018-5d4bd097

## Summary

### Background

The case involves an application filed under Section 12A r.w. Section 30A of the Insolvency & Bankruptcy Code, 2016, by the Resolution Professional (RP) of Duke Enterprise Pvt. Ltd. The RP sought withdrawal of the main IB petition filed by Dena Bank (now Bank of Baroda) under Section 7 of the IBC, which had been admitted by the Adjudicating Authority. The Committee of Creditors (CoC), with Bank of Baroda as the sole member, resolved to recall the Corporate Insolvency Resolution Process (CIRP). The RP was authorized to move the present application for withdrawal.

## Facts

Dena Bank (now Bank of Baroda) filed an IB petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Duke Enterprise Pvt. Ltd., which was admitted by the Adjudicating Authority. Subsequently, the Committee of Creditors (CoC) was constituted, with Bank of Baroda as the sole financial creditor, with a claim of Rs. 7,76,20,920.53. The Resolution Professional (RP) reported that the suspended management of the Corporate Debtor was untraceable and not providing necessary information. The RP sought information/documents from the suspended management, but no information was received. The CoC passed a resolution with 100% voting to withdraw the IB petition and recall the CIRP. The RP then filed an application under Section 12A of the IBC for withdrawal of

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 12A of the Insolvency & Bankruptcy Code, 2016, allows for the withdrawal of

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**Reasoning:** The court reasoned that the CoC, being the sole member (Bank of Baroda), had unanimously

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**Interpretation:** Section 12A provides a mechanism for the withdrawal of CIRP applications,

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**Application:** In this case, the CoC, with 100% voting power, resolved to withdraw the CIRP.

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Chandra Prakash…
- **Respondents:** Duke Enterprise…; M/s. Duke…

## Timeline

- **2019-09-03 — Order Da…**: The Adjudicating Authority admitted the…
- **2019-09-30 — Adjudicating Authority…**: The Adjudicating Authority issued an order which required a public announcement 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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