# In the matter of Nandi Engineering Limited I.A. No. 401-2019 in C.P(IB) No. 32-BB-2017

> NCLT judgment dated 2019-08-22. Citation: TCN-2019-NCLT-01862. The case originates from an application filed by IL&FS Engineering and Construction Co. Ltd…

- **Court:** NCLT
- **Order date:** 22 Aug 2019
- **Citation:** TCN-2019-NCLT-01862
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nandi-engineering-limited-ia-no-401-2019-in-cpib-no-32-bb-2017-730f4255

## Summary

### Background

The case originates from an application filed by IL&FS Engineering and Construction Co. Ltd (Operational Creditor) under Section 9 of the IBC, seeking to initiate CIRP against Nandi Engineering Limited (Corporate Debtor) due to a default of Rs. 12,48,00,000. The Adjudicating Authority admitted the case on 04.01.2019, initiating CIRP and appointing an IRP. Subsequently, the Resolution Professional made a public announcement inviting claims from creditors. A Committee of Creditors (CoC) was formed. The IRP conducted the first CoC meeting on 09.02.2019, where members passed a resolution for the appointment of an Interim Resolution Professional. The Resolution Professional invited Expression of Interest (EoI) for resolution plans, but no interest was received. An

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## Facts

M/s. IL&FS Engineering and Construction Co. Ltd (Operational Creditor) filed C.P.(IB)No.32/BB/2017 under Section 9 of the IBC, 2016, seeking to initiate CIRP against M/s. Nandi Engineering Limited (Corporate Debtor) for a default of Rs. 12,48,00,000. The Adjudicating Authority admitted the case on 04.01.2019, initiating CIRP and appointing an IRP. The Resolution Professional made a public announcement on 07.01.2019, inviting claims from creditors. Fourteen claims were received from Operational Creditors. A Committee of Creditors (CoC) was constituted. The first CoC meeting was held on 09.02.2019, where a resolution was passed for the appointment of an Interim Resolution Professional. An invitation for Expression of Interest (EoI) was published on 22.03.2019, but no

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the IBC R/w Regulation 30A …

**Ratio:** Section 12A of the IBC and Regulation 30A of the IBBI regulations provide the framework

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**Reasoning:** The court considered that the application for withdrawal was filed under Section 12A of

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**Interpretation:** Section 12A allows for withdrawal of CIRP applications if the CoC approves with

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**Application:** In this case, the CoC approved the withdrawal with 100% voting share,

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s. IL&FS…
- **Respondents:** M/s. Nandi…

## Timeline

- **2017-01-01 — Filing of C.P.(IB)No.32/…**: M/s. IL&FS Engineering and Construction Co. Ltd filed C.P.(IB)No.32/BB/2017 under Section…
- **2019-01-04 — Admission of…**: The Adjudicating Authority admitted the case,…

## 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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