# In the matter of Microsys Polymers Pvt. Ltd. IB-329-ND-2019

> NCLT judgment dated 2019-12-16. Citation: TCN-2019-NCLT-00169. The case involves M/s. Arihant Evergreen Agro Plast And Textiles Pvt. Ltd as the petitioner and…

- **Court:** NCLT
- **Order date:** 16 Dec 2019
- **Citation:** TCN-2019-NCLT-00169
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/microsys-polymers-pvt-ltd-ib-329-nd-2019-2ea8b320

## Summary

### Background

The case involves M/s. Arihant Evergreen Agro Plast And Textiles Pvt. Ltd as the petitioner and M/s. Microsys Polymers Pvt. Ltd. as the respondent. The petitioner filed an application under Section 9 of the IBC. The IRP filed an application for withdrawal under Section 12A of the IB Code, 2016, read with regulation 30A of the Code along with Rule 11 of NCLT rules 2016, seeking dispensation of bank guarantee stipulated under Rule 30A of the Code.

## Facts

M/s. Arihant Evergreen Agro Plast And Textiles Pvt. Ltd initiated proceedings against M/s. Microsys Polymers Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP) subsequently filed an application seeking withdrawal of the proceedings under Section 12A of the IBC, coupled with Regulation 30A of the Code and Rule 11 of the NCLT Rules, 2016. A key aspect of the withdrawal application was the request for dispensation of the bank guarantee, which is typically stipulated under Rule 30A of the Code. The parties submitted that the matter should be treated as withdrawn. The liability arising out of non-compliance of any of the statutory regulations from 2019-05-27 shall be borne by the management of the

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## Issues and analysis

### Issue 1: Whether the application filed by the IRP for withdrawal of the proceedings under Section 12A of the …

**Ratio:** Section 12A of the IB Code allows for the withdrawal of an application admitted under

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**Reasoning:** The Tribunal considered the contents of the application and the submissions made by the

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP applications,

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**Application:** The Tribunal applied Section 12A to the facts of the case, where the IRP had

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## Parties

- **Judges:** P.S.N. P…; V.K. SUB…
- **Appellants:** M/s. Arihant…
- **Respondents:** M/s. Microsys…
- **Advocates:** Rajendra Κ.…; Shailender…; +3 more

## Timeline

- **2019-05-27 — Liability Comm…**: The liability arising out of non-compliance of any of the statutory regulations from this…
- **2019-12-16 — Order Del…**: Order delivered on 16.12.2019…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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