# In the matter of North Bengal Iron & Steel Pvt.Ltd. CA (IB) No. 637-KB-2018 in CP (IB) No. 182-KB-2018

> NCLT judgment dated 2018-07-18. Citation: TCN-2018-NCLT-01125. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against a…

- **Court:** NCLT
- **Order date:** 18 Jul 2018
- **Citation:** TCN-2018-NCLT-01125
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/north-bengal-iron-steel-pvtltd-ca-ib-no-637-kb-2018-in-cp-ib-no-182-kb-2018-1ad2f7b3

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against a Corporate Debtor. The Committee of Creditors (CoC), in their meeting dated 2018-06-30, unanimously decided to withdraw the CIRP. An application was filed for the withdrawal of the main Company Petition (CP).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against a Corporate Debtor. The Committee of Creditors (CoC) convened on June 30, 2018, and unanimously resolved to withdraw the CIRP. This decision was supported by 100% voting share. Consequently, the Resolution Professional (RP) was instructed to file an application for the withdrawal of the proceedings before the relevant authority. The Operational Creditor also filed an application for the withdrawal of the main Company Petition (CP). The Counsel appearing for the Operational Creditor indicated they did not wish to proceed with the matter, as it had been settled after the admission of CIRP against the Corporate Debtor. The court perused the records and, noting the CoC's unanimous decision and the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP, based on the unanimous decision of the CoC, …

**Ratio:** The decision of the Committee of Creditors (CoC) holds significant weight in the CIRP

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**Reasoning:** The court considered the unanimous decision of the CoC to withdraw the CIRP, indicating a

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**Interpretation:** The interpretation of the IBC emphasizes the importance of the CoC's decisions

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**Application:** The CoC's unanimous decision to withdraw the CIRP, coupled with the Operational

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## Parties

- **Judges:** Madan B.…

## Timeline

- **2018-07-18 — Hearing…**: Hearing held on July…
- **2018-06-30 — CoC Meet…**: CoC meeting held on June 30, 2018, where a unanimous decision was made to withdraw the…

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