# In the matter of M.I. Buildtech Pvt. Ltd. CA No. 185-2018, C-IV (IB)-1001-ND-2018

> NCLT judgment dated 2018-12-21. Citation: TCN-2018-NCLT-00026. CA No. 185/2018, C-IV (IB)-1001/ND/2018 was filed by the Resolution Professional (RP) seeking…

- **Court:** NCLT
- **Order date:** 21 Dec 2018
- **Citation:** TCN-2018-NCLT-00026
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mi-buildtech-pvt-ltd-ca-no-185-2018-c-iv-ib-1001-nd-2018-a9771fd8

## Summary

### Background

CA No. 185/2018, C-IV (IB)-1001/ND/2018 was filed by the Resolution Professional (RP) seeking permission to withdraw the main application IB-1001/ND/2018 under Section 12A of the Insolvency & Bankruptcy Code. The application was supported by relevant documents and the approval of the Committee of Creditors (COC) in its meeting held on 18.12.2018, where the withdrawal of the application filed by the Operational Creditor under Section 9 was discussed and approved.

## Facts

Hitech Enterprises filed an application as an Operational Creditor under Section 9 of the IBC. The Resolution Professional (RP) filed CA No. 185/2018 seeking to withdraw the main application IB-1001/ND/2018 under Section 12A of the IBC. The IInd COC Meeting was held on 18.12.2018, where the withdrawal of the application was approved with 100% voting shares. The RP presented a video recording of the meeting. Form FA under Regulation 30A of IBBI Regulations was annexed. The NCLT allowed the withdrawal and discharged the RP, directing the handover of management to the Corporate Debtor's original directors.

## Issues and analysis

### Issue 1: Whether the Resolution Professional can withdraw the main application under Section 12A of the …

**Ratio:** Section 12A of the Insolvency & Bankruptcy Code allows for the withdrawal of an

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**Reasoning:** The court considered the RP's application, the submissions of the counsel, and the fact

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**Interpretation:** Section 12A provides a mechanism for settling disputes outside the formal

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

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## Parties

- **Judges:** DEEPTI M…
- **Appellants:** Hitech Ente…
- **Respondents:** M.I. Buildtech…

## Timeline

- **2018-12-18 — IInd COC M…**: The IInd COC Meeting was held, where agenda Item No. 7 was to approve the withdrawal of…
- **2018-12-21 — Order Del…**: The order was delivered allowing the withdrawal of the main application and discharging…

## 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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