# In the matter of IGL Industries Ltd. IA 2027 & 1981-2021 in C.P. (IB)-636(MB)-2021

> NCLT judgment dated 2021-09-24. Citation: TCN-2021-NCLT-01017. The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 24 Sept 2021
- **Citation:** TCN-2021-NCLT-01017
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/igl-industries-ltd-ia-2027-1981-2021-in-cp-ib-636mb-2021-61c6589f

## Summary

### Background

The case involves an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. CP 636 of 2021 was admitted on 2021-08-10. Subsequently, Mr. Manish Motilal Jaju was appointed as the Interim Resolution Professional (IRP). The Resolution Professional (RP) filed an application under Section 12A for withdrawal of the Company Petition admitted against the Corporate Debtor.

## Facts

The case originated from an application filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, concerning IGL Industries Ltd. CP 636 of 2021 was initially admitted on 2021-08-10, leading to the appointment of Mr. Manish Motilal Jaju as the Interim Resolution Professional (IRP). Subsequently, the Resolution Professional (RP) filed an application (IA 1981 of 2021) under Section 12A seeking withdrawal of the Company Petition. The RP stated that Form-FA had been filed and the total amount had been settled with the Corporate Debtor. The RP then requested the withdrawal of CP 636 of 2021, which was originally filed under Section 9 of the Code. The costs incurred during the CIRP, including the IRP's fees, were to be paid by the Corporate Debtor. The court

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## Issues and analysis

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

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

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**Reasoning:** The court considered that the RP had filed an application under Section 12A for

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

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**Application:** In this case, the RP's application under Section 12A, coupled with the

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## Parties

- **Judges:** Chandra Bha…; SUCHITRA KANUPARTH…; +1 more
- **Appellants:** Sajeel…
- **Respondents:** IGL Industries…

## Timeline

- **2021-08-10 — Admission of CP 636 of…**: CP 636 of 2021 was…
- **2021-08-10 — Appointment…**: Mr. Manish Motilal Jaju was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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