# In the matter of Eram Infraprojects Pvt. Ltd. CA. No. 76-2019 in CP. No(IB) 162-ALD-2017

> NCLT judgment dated 2019-05-14. Citation: TCN-2019-NCLT-03302. The case involves an application under Section 12A of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 14 May 2019
- **Citation:** TCN-2019-NCLT-03302
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/eram-infraprojects-pvt-ltd-ca-no-76-2019-in-cp-noib-162-ald-2017-71e0f5eb

## Summary

### Background

The case involves an application under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking permission to withdraw a Corporate Insolvency Resolution Process (CIRP) application. The CIRP was initiated by Daimler Financial Services Pvt. Ltd. against Eram Infra Projects Pvt. Ltd. The Committee of Creditors (COC), consisting solely of Daimler Financial Services, approved the withdrawal.

## Facts

Daimler Financial Services Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Eram Infra Projects Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted by the NCLT on 2018-06-14, and an Interim Resolution Professional (IRP) was appointed. The IRP constituted a Committee of Creditors (COC), which consisted solely of Daimler Financial Services Pvt. Ltd. Subsequently, Daimler Financial Services Pvt. Ltd. submitted Form-FA to the RP, seeking withdrawal of the CIRP. The RP placed Form-FA before the COC, which unanimously approved the withdrawal. The RP then filed an application (CA No.76/2019) under Section 12A of the IBC, read with Regulation 30A of the IBBI Regulations, seeking permission to withdraw the

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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 IBC, read with Regulation 30A of the IBBI Regulations, allows for the

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**Reasoning:** The court reasoned that since the COC, consisting solely of the financial creditor,

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**Interpretation:** Section 12A of the IBC provides a mechanism for withdrawing a CIRP application,

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**Application:** In this case, the COC unanimously approved the withdrawal of the CIRP. The RP

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## Parties

- **Judges:** Harihar Prakash…; Saroj Ra…
- **Appellants:** Vineet Ag…
- **Respondents:** Eram Infra…; M/s Eram Infraproj…

## Timeline

- **2018-06-14 — CIRP Admi…**: The NCLT admitted the petition of the…
- **2019-02-21 — COC Meet…**: RP placed Form-FA before the meeting of COC held on 21.02.2019 and in the said meeting,…

## 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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