# In the matter of Mann Industries Limited CP(I&B)-1921NCLT-MB-MAH-2018

> NCLT judgment dated 2020-05-08. Citation: TCN-2020-NCLT-01369. The application was filed by the Suspended Directors of the Corporate Debtor seeking direction…

- **Court:** NCLT
- **Order date:** 8 May 2020
- **Citation:** TCN-2020-NCLT-01369
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mann-industries-limited-cpib-1921nclt-mb-mah-2018-725e837d

## Summary

### Background

The application was filed by the Suspended Directors of the Corporate Debtor seeking direction against the CoC to hold a meeting to consider Form-FA filed by one of the CoC members, Corporation Bank (presently Union Bank of India), for withdrawal of the Company Petition. The Resolution Professional's counsel submitted that the CIRP period of 330 days had already expired on 2019-12-03, and the Resolution Plan was approved by the CoC and is pending for approval under Section 31 of the IBC, 2016.

## Facts

The Suspended Directors of the Corporate Debtor filed an application seeking direction against the CoC to hold a meeting to consider Form-FA, which was filed by Corporation Bank (now Union Bank of India), a CoC member, for withdrawal of the Company Petition. The CIRP period of 330 days had expired on 2019-12-03, and the Resolution Plan was approved by the CoC, pending approval under Section 31 of the IBC. The Resolution Professional and CoC members, including Union Bank of India and Asset Reconstruction Company, holding 100% voting share, had no objection to considering the withdrawal under Section 12A of the Code. The Resolution Plan Applicant also had no objection to the withdrawal. This case highlights the CoC's power to consider withdrawal applications and the

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## Issues and analysis

### Issue 1: Whether the Resolution Professional can be directed to hold a CoC meeting to consider the …

**Ratio:** The court has the power to direct the Resolution Professional to hold a CoC meeting to

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**Reasoning:** The court considered the submissions of the parties and noted that the Resolution

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**Interpretation:** Section 12A of the IBC allows for the withdrawal of an application admitted

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**Application:** In this case, the court directed the Resolution Professional to hold a CoC

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## Parties

- **Judges:** B.S.V. Prakash…
- **Appellants:** Mr.Suresh…
- **Respondents:** Mann Industries…; V.Ramesh Shetty…

## Timeline

- **2018-01-01 — Petition…**: CP(I&B)/1921/NCLT/MB/MAH…
- **2019-12-03 — CIRP Period…**: CIRP period of 330 days…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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