# In the matter of Indo-Gulf Diagnostics and Research Centre Pvt. Ltd. (IB)-1014(PB)-2019

> NCLT judgment dated 2019-12-02. Citation: TCN-2019-NCLT-00378. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated at the instance of…

- **Court:** NCLT
- **Order date:** 2 Dec 2019
- **Citation:** TCN-2019-NCLT-00378
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/indo-gulf-diagnostics-and-research-centre-pvt-ltd-ib-1014pb-2019-19f3f2ed

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated at the instance of Endless Services Pvt. Ltd. against Indo-Gulf Diagnostics and Research Centre Pvt. Ltd. The Committee of Creditors (CoC) passed a resolution to file 'Form FA' for withdrawal of CIRP under Section 12(A) of the Insolvency and Bankruptcy Code (IBC), 2016. The CoC, comprising Punjab National Bank and HDB Financial Services Pvt. Ltd., accepted the proposal from the ex-directors of the Corporate Debtor to withdraw the CIRP as the amount due was paid.

## Facts

Endless Services Pvt. Ltd. initiated CIRP against Indo-Gulf Diagnostics and Research Centre Pvt. Ltd. The Corporate Debtor's ex-directors proposed withdrawal of CIRP after paying the outstanding amount. The CoC, consisting of Punjab National Bank and HDB Financial Services Pvt. Ltd., approved the withdrawal via resolution on 2019-11-27. The resolution was supported by 100% of the voting share. Endless Services Pvt. Ltd., the financial creditor, confirmed satisfaction with the settlement. The CoC filed 'Form FA' under CIRP Regulations for withdrawal of CIRP under Section 12(A) of IBC. The admission order for CIRP was issued on 2019-07-31.

## Issues and analysis

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

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

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**Reasoning:** The court reasoned that the CoC had approved the withdrawal of CIRP with 100% voting

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**Interpretation:** Section 12(A) provides a mechanism for withdrawing CIRP when the CoC and the

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**Application:** In this case, the CoC's resolution and the financial creditor's satisfaction

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Endless Services…
- **Respondents:** Indo-Gulf…

## Timeline

- **2019-07-31 — Admission…**: Admission order for…
- **2019-11-27 — CoC Resol…**: The CoC passed a resolution to file 'Form FA' for withdrawal of CIRP under Section 12(A)…

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