# In the matter of Interspace Solutions Pvt. Ltd. M.A. No. 3585 of 2019 in C.P. No. 3451-I&B-2018

> NCLT judgment dated 2019-12-04. Citation: TCN-2019-NCLT-00336. The case involves an application for withdrawal of a Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 4 Dec 2019
- **Citation:** TCN-2019-NCLT-00336
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/interspace-solutions-pvt-ltd-ma-no-3585-of-2019-in-cp-no-3451-ib-2018-17c3dcbb

## Summary

### Background

The case involves an application for withdrawal of a Corporate Insolvency Resolution Process (CIRP) initiated against Interspace Solutions Pvt. Ltd. The CIRP was initiated based on a petition filed by Next Step Engineering Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP) filed an application for withdrawal under Section 12A of the IBC, supported by the Committee of Creditors (CoC).

## Facts

Next Step Engineering Pvt. Ltd., an Operational Creditor, filed a petition under Section 9 of the IBC against Interspace Solutions Pvt. Ltd., the Corporate Debtor. The petition was admitted on 2019-06-24. Subsequently, the Corporate Debtor settled the outstanding dues. The Committee of Creditors (CoC), with 100% voting, resolved to withdraw the Company Petition. The Interim Resolution Professional (IRP) then filed an application for withdrawal under Section 12A of the IBC, supported by Form FA dated 2019-10-17, as required under Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate persons) Regulations, 2016. The application was filed in C.P. No. 3451/I&B/2018.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the withdrawal of the application admitted under …

**Ratio:** Section 12A of the Code provides that the Adjudicating Authority may allow the withdrawal

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**Reasoning:** The Bench considered the contents of the application and the submissions made by the

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP applications if certain

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**Application:** In this case, the Corporate Debtor settled the outstanding dues, and the CoC

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## Parties

- **Judges:** Bhaskara Pantula…; Shyam Babu…
- **Appellants:** Next Step…
- **Respondents:** Interspace…

## Timeline

- **2018-01-01 — C.P. No. 3451/…**: Company Petiti…
- **2019-06-24 — Admission of…**: A Petition filed under Section 9 of the Code by the Operational Creditor 'Next Step…

## 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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