# In the matter of Goldline Ventures Private Limited C.A. 1709 (PB)-2019 in Company Petition No. (IB)-1634(PB)-2018

> NCLT judgment dated 2019-09-23. Citation: TCN-2019-NCLT-01323. The case involves an application filed by the Resolution Professional of Goldline Venture…

- **Court:** NCLT
- **Order date:** 23 Sept 2019
- **Citation:** TCN-2019-NCLT-01323
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/goldline-ventures-private-limited-ca-1709-pb-2019-in-company-petition-no-ib-1634-6c0e84ac

## Summary

### Background

The case involves an application filed by the Resolution Professional of Goldline Venture Private Limited under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. The application states that the Committee of Creditors (CoC) approved the withdrawal with a 100% majority vote during its seventh meeting convened on 09.08.2019. The resolution professional submitted that all fees and CIRP costs have been paid.

## Facts

The Resolution Professional of Goldline Venture Private Limited filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP against the corporate debtor. The seventh meeting of the CoC, convened on 09.08.2019, resulted in a unanimous resolution (100% majority) to withdraw the CIRP. The Financial Creditor Swaraj Overseas requested the Resolution Professional to put the resolution for withdrawal to vote. The Resolution Professional confirmed that all fees and CIRP costs had been paid. The admission order dated 20.02.2019 was in effect prior to this withdrawal application. The CoC, in its commercial wisdom, resolved to permit the withdrawal of the Corporate Insolvency Resolution Process.

## Issues and analysis

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

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of an

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**Reasoning:** The court considered the provisions of Section 12A of the Code, which permits the

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP applications when the

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**Application:** In this case, the CoC approved the withdrawal with a 100% majority, satisfying

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## Parties

- **Judges:** DEEPTI M…; S. K. MOH…
- **Appellants:** Rocky Ravinder…
- **Respondents:** Goldline Ventures…

## Timeline

- **2019-02-20 — Admission…**: Admission order passed…
- **2019-08-09 — CoC Meet…**: Seventh meeting of the CoC convened, where the resolution for withdrawal of CIRP was…

## 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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