# In the matter of Intime Textile Limited MA-1054-2019 in CP-781-IB-2018

> NCLT judgment dated 2019-12-15. Citation: TCN-2019-NCLT-00172. The case involves an application filed by the Interim Resolution Professional (IRP), Mr.…

- **Court:** NCLT
- **Order date:** 15 Dec 2019
- **Citation:** TCN-2019-NCLT-00172
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/intime-textile-limited-ma-1054-2019-in-cp-781-ib-2018-6d1c6763

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP), Mr. Nithyanandam Ramachandran, under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Rule 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of NCLT Rules, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIR Process) initiated against M/s. Intime Textile Limited. The CIR process was initially triggered by M/s. Muniraj Colours Private Limited (Operational Creditor) under Section 9 of the I&B Code, 2016. The Adjudicating Authority admitted the application on 16.09.2019, initiated the CIR process, and appointed Mr. Nithiyanantham Ramachandran as the IRP.

## Facts

M/s. Muniraj Colours Private Limited (Operational Creditor) filed CP/781/IB/2018 under Section 9 of the I&B Code, 2016, against M/s. Intime Textile Limited (Corporate Debtor) to initiate the CIR Process. The Adjudicating Authority admitted the application on 16.09.2019, initiated the CIR Process, and appointed Mr. Nithiyanantham Ramachandran as the IRP. The IRP made a public announcement on 20.09.2019, as per Regulation 6 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Debtor) Regulations, 2016, fixing 04.10.2019 as the last date for submission of claims. A claim was received from South Indian Bank Limited. The IRP filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIR process under Section 12A of the Insolvency and …

**Ratio:** The inherent powers conferred under Rule 11 of the NCLT Rules allow the Tribunal to make

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**Reasoning:** The Tribunal reasoned that since no Committee of Creditors (CoC) was constituted and the

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**Interpretation:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the

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**Application:** In this case, since the CoC was not constituted and the South Indian Bank

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** Nithyanandam…
- **Respondents:** M/s. Intime…; M/s. Muniraj…

## Timeline

- **2018-01-01 — Filing of CP/78…**: M/s. Muniraj Colours Private Limited filed CP/781/IB/2018 under Section 9 of the I&B…
- **2019-09-16 — Admission of Application and Initiation of CIR…**: The Adjudicating Authority admitted the application, initiated the CIR Process, and…

## 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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