# In the matter of International Traceability Systems CA-160-2018 In (IB)-772-ND-2018

> NCLT judgment dated 2018-12-04. Citation: TCN-2018-NCLT-00208. The case involves an application (CA No. 160/2018) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 4 Dec 2018
- **Citation:** TCN-2018-NCLT-00208
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/international-traceability-systems-ca-160-2018-in-ib-772-nd-2018-19a34904

## Summary

### Background

The case involves an application (CA No. 160/2018) filed by the Resolution Professional (RP) under Section 12(a) of the Insolvency & Bankruptcy Code, read with Regulation 30(a), for the withdrawal of the main application filed under Section 9 by the applicant, Simran Kaur, against the Corporate Debtor, International Traceability Systems. The application is supported by the minutes of the 1st Committee of Creditors (COC) Meeting held on November 5, 2018, where Item No. 6 of the Agenda was the approval to withdraw the present application.

## Facts

Simran Kaur, the applicant, filed an application under Section 9 of the IBC Code, 2016, against International Traceability Systems. The Resolution Professional (RP) subsequently filed CA No. 160/2018 under Section 12(a) of the Insolvency & Bankruptcy Code, seeking withdrawal of the Section 9 application. This withdrawal application was supported by the Committee of Creditors (COC), which approved the withdrawal with a 99.76% voting majority during its meeting held on November 5, 2018. The RP admitted a delay of 20 days in filing the withdrawal application and requested condonation of the delay. The NCLT considered the COC's approval and the RP's request.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main application filed under Section 9 of the IBC …

**Ratio:** The decision of the Committee of Creditors (COC) holds significant weight in insolvency

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**Reasoning:** The court considered the COC's approval of the withdrawal application, evidenced by the

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**Interpretation:** Section 12(a) of the Insolvency & Bankruptcy Code, read with Regulation

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**Application:** In this case, the COC's overwhelming support for the withdrawal, coupled with

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## Parties

- **Judges:** DEEPTI M…
- **Appellants:** Simran…
- **Respondents:** International…

## Timeline

- **2018-11-05 — 1st COC M…**: The 1st Committee of Creditors (COC) Meeting was held, where Item No. 6 of the Agenda was…
- **2018-12-04 — Order Del…**: The order was delivered allowing the withdrawal application (CA No. 160/2018) and…

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