# In the matter of Oasis Alcohol Limited IA 1198-MB-C-IV-2020 in CP 3049-MB-C-IV-2019

> NCLT judgment dated 2020-12-16. Citation: TCN-2020-NCLT-00065. The Interlocutory Application was filed by the assignee of a financial creditor, CFM Assets…

- **Court:** NCLT
- **Order date:** 16 Dec 2020
- **Citation:** TCN-2020-NCLT-00065
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oasis-alcohol-limited-ia-1198-mb-c-iv-2020-in-cp-3049-mb-c-iv-2019-12f7d5be

## Summary

### Background

The Interlocutory Application was filed by the assignee of a financial creditor, CFM Assets Reconstruction Private Limited, challenging the Interim Resolution Professional's (IRP) refusal to file an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor.

## Facts

CFM Assets Reconstruction Private Limited, the Applicant/Assignee, filed an Interlocutory Application under section 60(5) and section 12A of the Insolvency & Bankruptcy Code, 2016 (I&B Code). The application challenged the Interim Resolution Professional's (IRP) refusal to file an application for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) of Oasis Alcohol Limited, the Corporate Debtor. The Applicant is the assignee of Janata Sahakari Bank Limited, the original Financial Creditor, whose petition for CIRP was admitted on August 4, 2020, leading to the appointment of Mr. Vishram Narayan Panchpor as IRP. The Financial Creditor assigned the loan and underlying security interest to the Applicant via an Assignment Agreement dated

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## Issues and analysis

### Issue 1: Whether the Applicant, as an assignee of the financial creditor, is entitled to seek withdrawal of …

**Ratio:** The NCLT held that CIRP proceedings are in rem, and the relevant date for considering

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**Reasoning:** The IRP and CoC argued that the Applicant, as an assignee, is not the original

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**Interpretation:** The NCLT interpreted Section 12A and Regulation 30A to mean that once the CoC

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**Application:** In this case, the Applicant, as an assignee, filed the IA for withdrawal after

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## Parties

- **Judges:** RAJESH S…; SUCHITRA KANUPARTH…; +1 more
- **Appellants:** CFM Assets…
- **Respondents:** Oasis Alcohol…; Vishram Narayan…
- **Advocates:** Rohit G…; Rubina…; +5 more

## Timeline

- **August 4, 2020 — Petition Ad…**: The petition filed by Janata Sahakari Bank Limited was admitted, and Mr. Vishram Narayan…
- **August 19, 2020 — Last Date for Claim…**: The last date for submission of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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