# In the matter of Era Shipping Pvt. Ltd. CP No.(IB) 170-ALD-2018

> NCLT judgment dated 2018-08-20. Citation: TCN-2018-NCLT-00928. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 20 Aug 2018
- **Citation:** TCN-2018-NCLT-00928
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/era-shipping-pvt-ltd-cp-noib-170-ald-2018-423e4fb4

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) after its admission. The Interim Resolution Professional (IRP) filed a progress report and annexed the application of the Operational Creditor for withdrawing the petition. The Committee of Creditors (COC) approved the application with a 100% vote share.

## Facts

The Interim Resolution Professional (IRP), Mr. Sumit Bansal, through his advocate Sh. Sumit Shukla, filed a progress report. The report included the application of the Operational Creditor seeking to withdraw the CIRP petition after its admission. The application was submitted to the Committee of Creditors (COC). The COC approved the withdrawal application with a 100% vote share. The application was initially filed under Section 7, 9, or 10 of the I&B Code. The application for withdrawal was made in Form-FA. The COC approval is based on Regulation 13A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016 and Section 12A of the I&B Code, 2016.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP petition can be allowed based on the approval of …

**Ratio:** A CIRP petition can be withdrawn if the COC approves the withdrawal application with the

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**Reasoning:** The court noted that the COC had approved the withdrawal application with a 100% vote

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**Interpretation:** Section 12A of the I&B Code allows for the withdrawal of an application

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**Application:** In this case, the COC's unanimous approval satisfies the requirement under

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## Parties

- **Judges:** Saroj Ra…; V. P. S…
- **Respondents:** TRANS ASIAN…; M/s. Era Shipping…

## Timeline

- **2018-08-20 — Hearing…**: Hearing of the Allahabad Bench of…
- **N/A — Filing of Progress…**: IRP filed the progress report with the application of the Operational Creditor for…

## 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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