# In the matter of Pureshot Foods & Beverages Pvt. Ltd. Company Application No. 289-2019 in Company Petition No. 313-ALD-2018

> NCLT judgment dated 2020-02-10. Citation: TCN-2020-NCLT-02030. The case involves a Company Application No. 289/2019 in Company Petition No. 313/ALD/2018…

- **Court:** NCLT
- **Order date:** 10 Feb 2020
- **Citation:** TCN-2020-NCLT-02030
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pureshot-foods-beverages-pvt-ltd-company-application-no-289-2019-in-company-peti-c5c86c88

## Summary

### Background

The case involves a Company Application No. 289/2019 in Company Petition No. 313/ALD/2018 before the National Company Law Tribunal (NCLT) at Allahabad. The application was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation, 2016. The Resolution Professional, Pramod Kumar Sharma, filed an application for withdrawal of the application filed under Section 9 against the Corporate Debtor, M/s Pureshot Food & Beverages Pvt. Ltd. The Resolution Professional was appointed as Interim Resolution Professional in CP No. 313/ALD/2018 vide order dated 29.01.2019.

## Facts

The Resolution Professional, Pramod Kumar Sharma, filed an application for withdrawal of the CIRP initiated against M/s Pureshot Food & Beverages Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code. The application was filed because the COC members were unable to afford the increasing CIRP expenses. The authorized representative of Ansh Contractors, Naveen Kumar Sharma, who was a COC member, attended the COC meeting and agreed to the withdrawal. The COC unanimously agreed to the withdrawal subject to the payment of CIRP costs amounting to Rs. 3,52,000/-. The Operational Creditor's Form was duly signed and placed before the COC meeting, which approved it with 93.32% voting rights. The last date to file claims was 11.02.2019, and the applicant received

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## Issues and analysis

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

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

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**Reasoning:** The court considered that the COC members unanimously agreed to the withdrawal of the

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

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**Application:** In this case, the COC's unanimous agreement and the Operational Creditor's

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## Parties

- **Judges:** Justice(Retd)…
- **Appellants:** Pramod Kumar…
- **Respondents:** M/s Pureshot Food…; M/s Ansh Contracto…

## Timeline

- **2018-01-01 — Company Petiti…**: Company Petition No.…
- **2019-01-29 — Order Da…**: Order was passed appointing the Resolution Professional 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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