# In the matter of Pritish Green Agro Pvt. Ltd. IA-4656-ND-2021 in (IB)-284-(ND)-2019

> NCLT judgment dated 2021-10-13. Citation: TCN-2021-NCLT-00747. The application IA-4656/ND/2021 was filed under Section 12A of the Code seeking withdrawal of…

- **Court:** NCLT
- **Order date:** 13 Oct 2021
- **Citation:** TCN-2021-NCLT-00747
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pritish-green-agro-pvt-ltd-ia-4656-nd-2021-in-ib-284-nd-2019-2a7d7412

## Summary

### Background

The application IA-4656/ND/2021 was filed under Section 12A of the Code seeking withdrawal of the main insolvency resolution process (IB)-284/(ND)/2019. The Interim Resolution Professional (IRP) submitted Form ‘FA’, indicating the consent of the Operational Creditor. The applicant/Operational Creditor confirmed the instructions for withdrawal. The IRP, Mr. Khatri, stated that there are no outstanding dues related to the Corporate Insolvency Resolution Process (CIRP) costs and fees.

## Facts

Arihant Techno Pack Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Pritish Green AgroPvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). An application, IA-4656/ND/2021, was filed under Section 12A of the IBC seeking withdrawal of the CIRP. The Interim Resolution Professional (IRP) submitted Form ‘FA’, indicating the consent of the Operational Creditor. The applicant/Operational Creditor confirmed the instructions for withdrawal. The IRP, Mr. Khatri, stated that there are no outstanding dues related to the Corporate Insolvency Resolution Process (CIRP) costs and fees. The NCLT considered the application and allowed the withdrawal, relieving the IRP and returning control of the Corporate Debtor to its ex-management.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 12A of the IBC allows for the withdrawal of a CIRP application if the

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**Reasoning:** The court reasoned that the consent of the Operational Creditor, as evidenced by Form

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**Interpretation:** Section 12A is interpreted to mean that if a significant majority of creditors

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**Application:** In this case, the Operational Creditor's consent and the IRP's confirmation of

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## Parties

- **Judges:** DEEPTI M…; K.K. V…
- **Appellants:** Arihant Techno…
- **Respondents:** Pritish Green…

## Timeline

- **2019-01-01 — Initiation…**: Corporate Insolvency Resolution Process (CIRP) initiated against Pritish Green AgroPvt.…
- **2021-01-01 — Filing of Withdrawal…**: Application IA-4656/ND/2021 filed under Section 12A of the IBC seeking withdrawal of the…

## 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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