# In the matter of Magic Info Solutions Pvt. Ltd. CA No. 648-ND-C-III-2019 in IB-1352-ND-2019

> NCLT judgment dated 2019-09-19. Citation: TCN-2019-NCLT-01389. The case involves an application (CA No. 648/ND/2019) filed under Regulation 30(A) of the IBBI…

- **Court:** NCLT
- **Order date:** 19 Sept 2019
- **Citation:** TCN-2019-NCLT-01389
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/magic-info-solutions-pvt-ltd-ca-no-648-nd-c-iii-2019-in-ib-1352-nd-2019-09e3aaa1

## Summary

### Background

The case involves an application (CA No. 648/ND/2019) filed under Regulation 30(A) of the IBBI CIRP Regulations, seeking withdrawal of the application. The latest amendment dated July 23, 2019, specifies that the application can be withdrawn before the formation of the Committee of Creditors (COC) under Section 30(A)(1)(a).

## Facts

Ms. Pooja Kapoor and Ors. filed a case against M/s. Magic Info Solutions Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. An application (CA No. 648/ND/2019) was filed seeking withdrawal under Regulation 30(A) of the IBBI CIRP Regulations. The amendment dated July 23, 2019, allows withdrawal before COC formation. A claim from Mr. Vijender Jain was received and settled by the Corporate Debtor. The Corporate Debtor also filed an application (IB-647/ND/2019). Mr. Vijender Jain confirmed receipt of the claim amount. Form-F was filed. The Financial Creditor and Corporate Debtor are present. The Resolution Professional's submission is considered.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP can be allowed before the formation of the …

**Ratio:** Regulation 30(A) of the IBBI CIRP Regulations, as amended on July 23, 2019, allows for

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**Reasoning:** The court considered the submission of the Resolution Professional and the confirmation

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**Interpretation:** The interpretation of Regulation 30(A) is that it provides a window for

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**Application:** Since the COC was not formed and the Resolution Professional and both counsels

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## Parties

- **Judges:** DEEPTI M…; K.K. V…
- **Appellants:** Pooja K…
- **Respondents:** M/s. Magic Info…

## Timeline

- **2019-07-23 — Amendment to IBBI CIRP…**: Latest amendment to Regulation 30(A) IBBI CIRP Regulation specifies that application can…
- **2019-09-19 — Order Del…**: Order delivered on 19.9.2019 allowing…

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