# In the matter of Micro Innovation Pvt. Ltd. CA(IB)No. 147-KB-2019 in CP (IB) No. 901-KB-2018

> NCLT judgment dated 2019-02-06. Citation: TCN-2019-NCLT-04998. The case involves an application for withdrawal of Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 6 Feb 2019
- **Citation:** TCN-2019-NCLT-04998
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/micro-innovation-pvt-ltd-caibno-147-kb-2019-in-cp-ib-no-901-kb-2018-f82269ea

## Summary

### Background

The case involves an application for withdrawal of Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, and Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The CIRP was initiated vide C.P.(IB) No. 901/KB/2018, which was admitted on 16/11/2018.

## Facts

Indiabulls Housing Finance Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Micro Innovations Pvt. Ltd. under Section 7 of the IBC, which was admitted vide C.P.(IB) No. 901/KB/2018 on 16/11/2018. Subsequently, the matter was settled, and the Committee of Creditors (CoC) unanimously approved a resolution for withdrawal of the CIRP in a meeting held on 10/01/2019. The resolution professional submitted a bank guarantee for resolution costs and issued a No Objection Certificate (NOC). An application was filed under Section 12A of the IBC and Regulation 30A of the IBBI Regulations for withdrawal of the CIRP.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) should …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, and Regulation 30A of the IBBI

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**Reasoning:** The court reasoned that the matter was settled out of the Tribunal, and all requirements

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**Interpretation:** Section 12A allows for withdrawal of CIRP if the CoC approves and the necessary

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**Application:** The court applied the provisions of Section 12A and Regulation 30A to the facts

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## Parties

- **Judges:** Jinan…
- **Respondents:** Micro Innovations…
- **Advocates:** Avishek…; Sk. Shahruk…; +1 more

## Timeline

- **2018-11-16 — Admission o…**: C.P.(IB) No. 901/KB/2018 was admitted, initiating the Corporate Insolvency Resolution…
- **2019-01-10 — CoC Approval for…**: The Committee of Creditors (CoC) unanimously approved the resolution for moving an…

## 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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