# In the matter of Ketul Ramubhai Patel Vs, India Business Grid & Othrs IA 372-2020 in CP(IB) 175-2017

> NCLT judgment dated 2020-07-13. Citation: TCN-2020-NCLT-01042. The document pertains to IA No. 372 of 2020 in CP(IB) 175 of 2017, filed for the withdrawal of…

- **Court:** NCLT
- **Order date:** 13 Jul 2020
- **Citation:** TCN-2020-NCLT-01042
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ketul-ramubhai-patel-vs-india-business-grid-othrs-ia-372-2020-in-cpib-175-2017-1c72ee63

## Summary

### Background

The document pertains to IA No. 372 of 2020 in CP(IB) 175 of 2017, filed for the withdrawal of the original application CP(IB) No. 175/7/NCLT/AHM/2017, which was admitted under Section 12(a) of the IBC, 2016. The application was filed by the Resolution Professional (RP). The Committee of Creditors (CoC) approved the withdrawal with 100% votes in their meeting dated 30.06.2020, as reflected in Clause no. 5 at page no. 36 of the Application.

## Facts

IA No. 372 of 2020 was filed by the Resolution Professional (RP) seeking withdrawal of the original application CP(IB) No. 175/7/NCLT/AHM/2017. The original application was admitted under Section 12(a) of the Insolvency and Bankruptcy Code (IBC), 2016. The Committee of Creditors (CoC) convened a meeting on 30.06.2020 and passed a resolution with 100% votes in favor of withdrawing the original application. This resolution is documented in Clause no. 5 at page no. 36 of the application. The applicant's counsel, Mr. Aayog Doshi, appeared before the court. The court considered the submissions of the RP and the CoC, and perused the relevant records. The Corporate Debtor is now discharged from the Corporate Insolvency Resolution Process (CIRP).

## Issues and analysis

### Issue 1: Whether IA No. 372 of 2020, seeking withdrawal of the original application CP(IB) No. …

**Ratio:** The court has the power to allow the withdrawal of an application under the IBC,

…

**Reasoning:** The court considered the resolution passed by the CoC with 100% votes in favor of the

…

**Interpretation:** The legal interpretation is that when the CoC, representing the financial

…

**Application:** In this case, the CoC's unanimous approval for withdrawal, coupled with the

…

## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Respondents:** India Business…; Ketul Ramubhai…

## Timeline

- **2020-06-30 — CoC Meet…**: The Committee of Creditors (CoC) held a meeting and passed a resolution with 100% votes…
- **2020-07-13 — Hearing…**: Hearing through video conferencing before the Ahmedabad Bench of the National Company Law…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(a) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/ketul-ramubhai-patel-vs-india-business-grid-othrs-ia-372-2020-in-cpib-175-2017-1c72ee63