# In the matter of M/s Proview Realtech Pvt. Ltd. IA-2621(ND)2020 in 
IB-1685(ND)-2019

> NCLT judgment dated 2020-08-24. Citation: TCN-2020-NCLT-00798. The case involves an application (IA-2621/ND/2020) filed in IB-1685/ND/2019 concerning M/s.…

- **Court:** NCLT
- **Order date:** 24 Aug 2020
- **Citation:** TCN-2020-NCLT-00798
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ms-proview-realtech-pvt-ltd-ia-2621nd2020-in-ib-1685nd-2019-1469579f

## Summary

### Background

The case involves an application (IA-2621/ND/2020) filed in IB-1685/ND/2019 concerning M/s. Proview Realtech Pvt. Ltd., the Corporate Debtor. The Interim Resolution Professional (IRP) and counsel are present. The application is filed under Regulation 30-A of the Corporate Insolvency Resolution Process Regulations. The Committee of Creditors (CoC) has not been constituted, and the matter has been settled. The applicant seeks withdrawal of the Corporate Insolvency Resolution (CIR) Process to allow the Corporate Debtor to function as a normal entity.

## Facts

Mr. Chhama Jain, the Operational Creditor, initiated a CIR process against M/s. Proview Realtech Pvt. Ltd., the Corporate Debtor, under Section 9 of the IBC code 2016. An application (IA-2621/ND/2020) was filed in IB-1685/ND/2019. The IRP was present with counsel. The application was filed under Regulation 30-A of the Regulations, stating that the CoC had not been constituted and the matter had been settled. The applicant sought withdrawal of the CIR process to allow the Corporate Debtor to function as a normal entity. The court heard and perused the application filed by the IRP. The order dated 14.2.2020, initiating the CIR process, was recalled. The Corporate Debtor was directed to pay Rs.1,30,000/- to the Resolution Professional within a week. The counsel for the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIR process should be allowed given that the matter …

**Ratio:** Regulation 30-A of the Corporate Insolvency Resolution Process Regulations allows for the

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**Reasoning:** The court reasoned that since the matter has been settled and the CoC has not been

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**Interpretation:** Regulation 30-A provides a mechanism for withdrawing the CIR process in cases

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**Application:** In this case, the court applied Regulation 30-A to allow the withdrawal of the

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## Parties

- **Judges:** Ch. Mohd Sharief…; Narender Kumar…
- **Appellants:** Chhama…
- **Respondents:** M/s. Proview…
- **Advocates:** Anurag S…; Shantwanu…; +3 more

## Timeline

- **2020-02-14 — CIR Process In…**: Order dated 14.2.2020 initiated the CIR…
- **2020-08-24 — Order Del…**: Order delivered on 24.08.2020, allowing…

## 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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