# 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-03305. 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-03305
- **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-b84ace18

## 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), 2016. The petition was admitted, 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 to withdraw the CIRP application. The COC unanimously approved the withdrawal in a meeting held on February 21, 2019. The RP then filed an application under Regulation 30(A) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking permission from the

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## Issues and analysis

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

**Ratio:** Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution

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**Reasoning:** The court reasoned that the Resolution Professional (RP) had placed Form-FA before the

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**Interpretation:** Section 12A and Regulation 30A provide a mechanism for withdrawing a CIRP

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**Application:** In this case, the COC, consisting solely of Daimler Financial Services Pvt.

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## Parties

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

## Timeline

- **2018-06-14 — Admission of Petition…**: The Authority admitted the petition of the financial creditor and commenced the CIRP,…
- **2019-02-21 — COC Meeting and…**: The RP placed Form-FA before the meeting of COC held on 21.02.2019, and the COC by 100%…

## 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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