# In the matter of Global One Technologies Pvt. Ltd. MA 1229-2018 in CP No. 249-I&BP-NCLT-MAH-2018

> NCLT judgment dated 2018-10-24. Citation: TCN-2018-NCLT-00510. The case involves an application for withdrawal of a Company Petition (No. 249 of 2018) filed…

- **Court:** NCLT
- **Order date:** 24 Oct 2018
- **Citation:** TCN-2018-NCLT-00510
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/global-one-technologies-pvt-ltd-ma-1229-2018-in-cp-no-249-ibp-nclt-mah-2018-97e8a779

## Summary

### Background

The case involves an application for withdrawal of a Company Petition (No. 249 of 2018) filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Resolution Professional of the Corporate Debtor filed the application for withdrawal under Section 12A of the IBC. The Corporate Debtor was initially admitted into the Corporate Insolvency Resolution Process (CIRP) based on a Section 9 petition filed by BRICS Corporate Advisors Pvt. Ltd. The Resolution Professional received two claims, one from Bank of India and another from BRICS Corporate Advisors Pvt. Ltd.

## Facts

BRICS Corporate Advisors Pvt. Ltd., an operational creditor, initiated CIRP against Global One Technologies Pvt. Ltd. under Section 9 of the IBC. The CIRP was initiated via an order dated 2018-06-05. Subsequently, the Resolution Professional received claims from Bank of India (Rs. 50,45,000) and BRICS Corporate Advisors Pvt. Ltd. (Rs. 7,42,353). BRICS Corporate Advisors Pvt. Ltd. submitted Form FA, indicating withdrawal of CIRP, as they received the total claim amount from the Corporate Debtor. The Corporate Debtor settled the claim of Bank of India, and the bank confirmed no debit balance. The CoC approved the withdrawal with 100% voting in a meeting on 2018-10-15. The Resolution Professional also sought withdrawal of M.A. No. 850 of 2018, related to directions

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition No. 249 of 2018 should be allowed …

**Ratio:** Section 12A of the IBC allows for withdrawal of an application admitted under Section 9,

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**Reasoning:** The court considered that the CoC had given 100% consent for the withdrawal of the

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP if the creditors agree

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**Application:** Given the 100% consent from the CoC, the settlement of claims with both the

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** BRICS Corporate…
- **Respondents:** Global One…

## Timeline

- **2018-06-05 — CIRP Init…**: Corporate Debtor was put on CIRP by an order of the Bench on a section 9 Petition filed…
- **2018-06-09 — Public Announce…**: Public announcement was made, and 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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