# In the matter of Kumar Ashiyana Pvt. Ltd. CA No. 267-2018 in CP No(IB) 190-ALD-2018

> NCLT judgment dated 2018-11-19. Citation: TCN-2018-NCLT-00308. The case involves an application (CA No.267/2018) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 19 Nov 2018
- **Citation:** TCN-2018-NCLT-00308
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kumar-ashiyana-pvt-ltd-ca-no-267-2018-in-cp-noib-190-ald-2018-217e9ff3

## Summary

### Background

The case involves an application (CA No.267/2018) filed by the Resolution Professional (RP) under Section 12(A) of the Insolvency and Bankruptcy Code (IBC), 2016, read with regulation 30(A) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The RP sought permission to withdraw Corporate Insolvency Resolution Process (CIRP) No.(IB)190/ALD/2018, which was initially filed by the financial creditor under Section 7 of the IBC. The CIRP had commenced following an order dated 19.09.2018, and an Interim Resolution Professional (IRP) was appointed.

## Facts

The Resolution Professional (RP) filed an application (CA No.267/2018) under Section 12(A) of the Insolvency and Bankruptcy Code (IBC), 2016, read with regulation 30(A) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking permission to withdraw Corporate Insolvency Resolution Process (CIRP) No.(IB)190/ALD/2018. The CIRP was initially filed by the financial creditor under Section 7 of the IBC. The CIRP commenced on 19.09.2018, and an Interim Resolution Professional (IRP) was appointed. The IRP constituted a Committee of Creditors (COC) consisting of only one financial creditor. The financial creditor submitted Form-FA seeking withdrawal of the CIRP, stating that the CIRP cost had been directly

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## Issues and analysis

### Issue 1: Whether the withdrawal of CP No.(IB)190/ALD/2018 should be permitted under Section 12(A) of the …

**Ratio:** Section 12(A) of the IBC, along with Regulation 30(A) of the IBBI Regulations, provides a

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**Reasoning:** The court reasoned that the COC had approved the withdrawal of the CIRP with 100% voting,

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**Interpretation:** Section 12(A) and Regulation 30(A) are interpreted to allow for the withdrawal

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**Application:** In this case, the COC approved the withdrawal with 100% voting, and the CIRP

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## Parties

- **Judges:** Saroj Ra…; BIKKI RAVEENDRA…
- **Respondents:** DasaPrakash…
- **Advocates:** VINAYAK M…; UTKARSH…; +1 more

## Timeline

- **2018-09-19 — CIRP Commen…**: The Authority commenced the CIRP and…
- **2018-10-19 — COC Meet…**: The COC held a meeting on 19.10.2018 and approved the withdrawal of CP…

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