# In the matter of Jeevan Polymers Private Limited IA No. 401-2018 in CP(IB) No. 123-9-HDB-2018

> NCLT judgment dated 2018-09-25. Citation: TCN-2018-NCLT-00727. The case involves an application for withdrawal of a Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 25 Sept 2018
- **Citation:** TCN-2018-NCLT-00727
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jeevan-polymers-private-limited-ia-no-401-2018-in-cpib-no-123-9-hdb-2018-163ceecb

## Summary

### Background

The case involves an application for withdrawal of a Corporate Insolvency Resolution Process (CIRP) application that was initially admitted by the National Company Law Tribunal (NCLT), Hyderabad Bench. The CIRP was initiated against Jeevan Polymers Pvt Ltd based on an application filed by Shruti Impex, an operational creditor. The Interim Resolution Professional (IRP), G. Kalpana, filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking permission to withdraw the CIRP application.

## Facts

1. An application under CP(IB) No. 123/9/HDB/2018 was admitted by the NCLT, Hyderabad, vide order dated 2018-08-24, initiating CIRP against Jeevan Polymers Pvt Ltd.
2. G. Kalpana was appointed as the Interim Resolution Professional (IRP).
3. The operational creditor, Shruti Impex, and the corporate debtor, Jeevan Polymers Pvt Ltd, settled their dispute and entered into a Memorandum of Understanding (MoU) dated 2018-09-03.
4. The Committee of Creditors (CoC), consisting of Andhra Bank as the sole banker, gave its consent for the compromise of the petition.
5. The operational creditor submitted an application for withdrawal of the CIRP under Section 12A of the IBC, read with Regulation 30A of the Insolvency and Bankruptcy (Corporate Insolvency Resolution Process)

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## Issues and analysis

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

**Ratio:** Section 12A of the IBC empowers the Adjudicating Authority to allow the withdrawal of an

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**Reasoning:** The court reasoned that Section 12A of the IBC explicitly grants the Adjudicating

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**Interpretation:** Section 12A provides a mechanism for withdrawing a CIRP application after its

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**Application:** In this case, the CoC approved the withdrawal application with 100% voting

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## Parties

- **Judges:** Ratakonda…; Ratakonda…
- **Appellants:** Shruti…
- **Respondents:** Jeevan Polymers…

## Timeline

- **2018-08-24 — Admission of CIRP…**: The NCLT, Hyderabad, admitted the application in CP(IB) No. 123/9/HDB/2018, initiating…
- **2018-09-03 — Settlement Ag…**: The operational creditor, Shruti Impex, and the corporate debtor, Jeevan Polymers Pvt…

## 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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