# In the matter of Mintri Tea Company Pvt. Ltd. CA(IB) Nos. 462 and 648-KB-2018 In C.P. (IB) No. 421-KB-2017

> NCLT judgment dated 2018-08-03. Citation: TCN-2018-NCLT-01012. The case involves an application for initiating Corporate Insolvency Resolution Process (CIRP)…

- **Court:** NCLT
- **Order date:** 3 Aug 2018
- **Citation:** TCN-2018-NCLT-01012
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mintri-tea-company-pvt-ltd-caib-nos-462-and-648-kb-2018-in-cp-ib-no-421-kb-2017-d032f111

## Summary

### Background

The case involves an application for initiating Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Punjab National Bank (PNB) against Mintri Tea Co. Pvt. Ltd. The CIRP was initiated, and a Resolution Professional was appointed. Subsequently, the corporate debtor's guarantors/directors repaid the entire claims of PNB and other financial creditors. PNB then filed an application under Section 12A of the IBC to withdraw its application for CIRP. Simultaneously, the directors/guarantors of the corporate debtor filed an application seeking a stay of the CIRP or removal of the Resolution Professional, alleging irregularities. The Resolution Professional also filed an application alleging misconduct by the

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## Facts

Punjab National Bank (PNB) initiated Corporate Insolvency Resolution Process (CIRP) against Mintri Tea Co. Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted, and a Resolution Professional was appointed. During the CIRP, the guarantors/directors of Mintri Tea Co. Pvt. Ltd. repaid the entire outstanding dues to PNB and other financial creditors. Subsequently, PNB filed an application under Section 12A of the IBC seeking to withdraw its CIRP application. The guarantors/directors of Mintri Tea Co. Pvt. Ltd. also filed an application seeking a stay of the CIRP or removal of the Resolution Professional, alleging irregularities and misconduct. The Resolution Professional filed a separate application alleging misconduct by the

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## Issues and analysis

### Issue 1: Whether the application CA(IB) No. 648/KB/2018 for withdrawal is to be allowed by permitting the …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of an

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**Reasoning:** The court reasoned that the application for withdrawal was filed after the CIRP process

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**Interpretation:** Section 12A of the IBC, along with Regulation 30A and 36A, provides a mechanism

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**Application:** In this case, the court found that the application for withdrawal was filed

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## Parties

- **Judges:** Jinan…
- **Appellants:** Punjab National…
- **Respondents:** Mintri Tea…

## Timeline

- **2017-09-20 — Order of Admission of…**: The application filed by Punjab National Bank (PNB) against Mintri Tea Co. Pvt. Ltd. was…
- **2018-02-23 — Publication for Inviting…**: Publication for inviting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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