# In the matter of P.R. Technoplast Private Limited CA No. 341-2018 In CP(IB)No. 24-Chd-Hry-2018

> NCLT judgment dated 2018-08-29. Citation: TCN-2018-NCLT-00876. The case involves an application for withdrawal of a Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 29 Aug 2018
- **Citation:** TCN-2018-NCLT-00876
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pr-technoplast-private-limited-ca-no-341-2018-in-cpibno-24-chd-hry-2018-34c03475

## Summary

### Background

The case involves an application for withdrawal of a Corporate Insolvency Resolution Process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application for withdrawal was filed by the Resolution Professional under Section 12A of the Code, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The CIRP was initiated against P.R. Technoplast Private Limited by Swastik Polyvinyls Private Limited. The Resolution Professional was initially appointed as Interim Resolution Professional and later confirmed by the Committee of Creditors.

## Facts

Swastik Polyvinyls Private Limited, an operational creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against P.R. Technoplast Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 2018-03-14. Mr. Prabhjit Singh Soni was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. Subsequently, an application was filed by the Resolution Professional under Section 12A of the Code for withdrawal of the CIRP. This application was supported by Form FA dated 2018-07-30. The Committee of Creditors, consisting of Andhra Bank with 100% voting share, approved the withdrawal application in a meeting held on 2018-08-10. The Resolution Professional then filed the application

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the withdrawal of an application admitted under …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016 allows the Adjudicating Authority

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**Reasoning:** The court referred to Section 12A of the Code, which explicitly provides for the

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP applications, balancing

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**Application:** In this case, the Committee of Creditors, consisting of Andhra Bank with 100%

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Swastik Polyvinyls…
- **Respondents:** P.R. Technoplast…

## Timeline

- **2018-03-14 — Admission o…**: Corporate Insolvency Resolution Process (CIRP) admitted under Section 9 of the Insolvency…
- **2018-03-20 — Appointment…**: Mr. Prabhjit Singh Soni, registered professional, appointed as Interim Resolution…

## 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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