# In the matter of Omsai Auto World Pvt. Ltd. MA 981-2018 In CP (IB) 939-9-MB-2017

> NCLT judgment dated 2018-09-12. Citation: TCN-2018-NCLT-00777. The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 12 Sept 2018
- **Citation:** TCN-2018-NCLT-00777
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/omsai-auto-world-pvt-ltd-ma-981-2018-in-cp-ib-939-9-mb-2017-15b2b773

## Summary

### Background

The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Idemitsu Lube India Pvt. Ltd. against Omsai Auto World Pvt. Ltd., designated as the Corporate Debtor. The petition was initially admitted, and Corporate Insolvency Resolution Process (CIRP) was initiated. Subsequently, the petitioner sought to withdraw the application.

## Facts

Idemitsu Lube India Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Omsai Auto World Pvt. Ltd. (Corporate Debtor). The petition was admitted on January 2, 2018, and CIRP was initiated with Mr. Sandeep Goel appointed as the Interim Resolution Professional. The operational debt was ₹1,36,154. Subsequently, the Operational Creditor sought to withdraw the application. The Committee of Creditors approved the withdrawal with 100% voting in a meeting held on August 29, 2018. The Resolution Professional affirmed that the CIRP costs had been paid. The Operational Creditor submitted Form FA, indicating their consent for withdrawal. The NCLT considered these factors and allowed the withdrawal of the CIRP

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## Issues and analysis

### Issue 1: Whether the withdrawal of the CIRP application filed under Section 9 of the Insolvency and …

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

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**Reasoning:** The court considered the approval of the Committee of Creditors with 100% voting power,

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**Interpretation:** Section 12A provides a mechanism for withdrawing a CIRP application if the

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**Application:** In this case, the Committee of Creditors approved the withdrawal with 100%

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Idemitsu Lube…
- **Respondents:** Omsai Auto World…
- **Advocates:** Abhishek B…; Sandeep…

## Timeline

- **2018-01-02 — Admission of…**: The petition filed by Idemitsu Lube India Pvt. Ltd. against Omsai Auto World Pvt. Ltd.…
- **2018-07-10 — Form FA…**: Form FA was dated 10.07.2018 wherein it was resolved in favour of withdrawal by 100%…

## 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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