# In the matter of Proview Infrastructure Pvt. Ltd. CA No. 120-2018-C-IV In (IB)-415-ND-2018

> NCLT judgment dated 2018-11-01. Citation: TCN-2018-NCLT-00412. The case involves an application for withdrawal of the main application being IB-415(ND)/2018…

- **Court:** NCLT
- **Order date:** 1 Nov 2018
- **Citation:** TCN-2018-NCLT-00412
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/proview-infrastructure-pvt-ltd-ca-no-120-2018-c-iv-in-ib-415-nd-2018-ff135c55

## Summary

### Background

The case involves an application for withdrawal of the main application being IB-415(ND)/2018 under Section 12A read with Regulation 30A of the IBBI (Corporate Insolvency resolution process for corporate persons) Regulations, 2016. The COC had initially passed a resolution for withdrawal with 89.11% of total voting, which was below the required 90%. Subsequently, after circulating the minutes of the meeting and re-voting, the COC passed the resolution with 93.28% voting.

## Facts

Agarwal Sanitations filed an application against M/s Proview Infrastructure Pvt. Ltd. under Section 9 of the IBC Code, 2016. The Resolution Professional (RP) filed CA No. 120/2018, C-IV under Section 12A read with Regulation 30A of the IBBI Regulations, 2016, seeking withdrawal of the main application IB-415(ND)/2018. The COC initially approved the withdrawal with 89.11% voting, which was less than the required 90%. The COC then circulated the minutes of the meeting, conducted re-voting, and subsequently approved the withdrawal with 93.28% voting. The RP submitted Form (F)(A), the application for withdrawal of the CIRP.

## Issues and analysis

### Issue 1: Whether the COC obtained the required 90% voting rights for the withdrawal approval as prescribed …

**Ratio:** Section 12A of the IBC Code and Regulation 30A of the IBBI Regulations prescribe the

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**Reasoning:** The court noted that the initial voting percentage of 89.11% was insufficient. However,

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**Interpretation:** The legal issue revolves around the interpretation of the statutory requirement

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**Application:** In this case, the initial failure to meet the 90% threshold was rectified

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## Parties

- **Judges:** DEEPTI M…
- **Appellants:** Agarwal Sanitation…
- **Respondents:** M/s Proview…

## Timeline

- **2018-09-11 — Moratorium In…**: Moratorium initiated vide…
- **2018-11-01 — Order Del…**: Order delivered on 01.11.2018 allowing…

## 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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