# In the matter of GEES EPC Services Pvt. Ltd. IA-373-IB-2021, IA-293-CHE-2021 and 242-CHE-2021 in IBA-1281-2019

> NCLT judgment dated 29 Apr 2021. Citation: TCN-2021-NCLT-02258. The case involves an application for the withdrawal of the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 29 Apr 2021
- **Citation:** TCN-2021-NCLT-02258
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gees-epc-services-pvt-ltd-ia-373-ib-2021-ia-293-che-2021-and-242-che-2021-in-iba-73d9f886

## Summary

### Background

The case involves an application for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. GEES EPC Services Pvt Ltd. The CIRP was initiated by an order of the Tribunal dated February 25, 2021. Following the initiation of CIRP, an Interim Resolution Professional (IRP), Solomon Rajesh Jeyasingh, was appointed. The IRP made a public announcement in Form-A, and the last date for lodging claims was March 18, 2021. Only one claim was received, from the Indian Overseas Bank (IOB), which subsequently became the sole member of the Committee of Creditors (CoC).

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## Facts

An application was filed seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the IBC, 2016, and Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, read with Rule 11 of NCLT Rules, 2016. The application was moved by the applicant through the Interim Resolution Professional (IRP), Solomon Rajesh Jeyasingh, who was appointed by the Tribunal's order dated February 25, 2021, initiating CIRP against the Corporate Debtor, M/s. GEES EPC Services Pvt Ltd.

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. GEES EPC Services…

**Ratio:** The legal rule established is that a Corporate Insolvency Resolution Process can be…

**Reasoning:** The Tribunal reasoned that the application for withdrawal was filed under Section 12A of…

**Interpretation:** The Tribunal interpreted Section 12A of the IBC and Regulation 30A of the…

**Application:** In this case, the applicant, through the IRP, filed for withdrawal, and the…

## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Advocates:** For Applicant/IRP:…; IRP: Solomon…; +3 more

## Timeline

- **February 25, 2021 — CIRP Initiati…**: Tribunal initiated CIRP against the…
- **March 4, 2021 — IRP Appointment…**: IRP became privy to his…

## 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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