# In the matter of Polyblends India Pvt. Ltd. (IB)-1258(ND)2018

> NCLT judgment dated 2019-03-12. Citation: TCN-2019-NCLT-04481. An application under Section 12A of the Insolvency and Bankruptcy Code (IBC) was filed, read…

- **Court:** NCLT
- **Order date:** 12 Mar 2019
- **Citation:** TCN-2019-NCLT-04481
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/polyblends-india-pvt-ltd-ib-1258nd2018-1b7925c7

## Summary

### Background

An application under Section 12A of the Insolvency and Bankruptcy Code (IBC) was filed, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (IBBI) regulations, seeking the termination of the Corporate Insolvency Resolution Process (CIRP). The CIRP had been initiated at the instance of the Operational Creditor and was admitted vide order dated December 17, 2018. Prior to inviting expressions of interest, the Committee of Creditors (COC) had passed a resolution with 100% approval, praying that an application be filed under Section 12A for termination of the CIRP.

## Facts

The Chowdhry Rubber & Chemical Pvt. Ltd. V/s. Polyblends India Pvt. Ltd. case involves an application for termination of the CIRP under Section 12A of the IBC. The CIRP was initially triggered by an Operational Creditor, and the order for initiation was passed on December 17, 2018. Before inviting expressions of interest, the COC passed a resolution with 100% approval to terminate the CIRP. The application for termination was supported by an affidavit from the IRP and Form FA. The NCLT considered the resolution and supporting documents and permitted the termination of the CIRP, releasing the Corporate Debtor from the moratorium.

## Issues and analysis

### Issue 1: Whether the application for termination of the CIRP under Section 12A of the IBC, supported by a …

**Ratio:** Section 12A of the IBC allows for the withdrawal of an application admitted under Section

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**Reasoning:** The NCLT considered the fact that the COC had passed a resolution with 100% approval,

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**Interpretation:** Section 12A provides a mechanism for the COC to decide that continuing the CIRP

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**Application:** In this case, the 100% approval from the COC satisfied the requirement under

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Appellants:** M/s. Chowdhry…
- **Respondents:** Polyblends India…

## Timeline

- **2018-12-17 — CIRP Admissio…**: Order was passed admitting the CIRP at the…
- **2019-03-12 — Hearing…**: Hearing before the New Delhi Bench of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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