# 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-00373. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 2 Dec 2019
- **Citation:** TCN-2019-NCLT-00373
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/indo-gulf-diagnostics-and-research-centre-pvt-ltd-ib-1014pb-2019-96a8d250

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated 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). The CoC, comprising Punjab National Bank and HDB Financial Services Pvt. Ltd., accepted the proposal by the ex-directors of the Corporate Debtor to withdraw the CIRP as the amount due had been 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 due amount. The CoC, comprising Punjab National Bank and HDB Financial Services Pvt. Ltd., passed a resolution on 27.11.2019 to file 'Form FA' for withdrawal of CIRP under Section 12(A) of IBC. The resolution was supported by 100% voting share. Endless Services Pvt. Ltd. expressed satisfaction as its claim was settled. The admission order for CIRP was dated 31.07.2019. The CoC also resolved that a legal professional shall be appointed for preparation and filing the application for above and cost of that person shall form part of CIRP cost.

## Issues and analysis

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

**Ratio:** Section 12(A) of the IBC allows for the withdrawal of CIRP with the approval of 90%

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**Reasoning:** The court reasoned that the CoC had passed a resolution to withdraw the CIRP, and the

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**Interpretation:** Section 12(A) is interpreted to facilitate the withdrawal of CIRP when the

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**Application:** In this case, the CoC's resolution, the settlement of dues, and the

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## Parties

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

## Timeline

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

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