# In the matter of Ram Agri Infra India Pvt. Ltd. MA 3209-2019 in C.P. (IB)-1798-MB-2017

> NCLT judgment dated 2019-11-29. Citation: TCN-2019-NCLT-00390. The case involves an application (MA 3209/2019) filed by the Resolution Professional, Mr.…

- **Court:** NCLT
- **Order date:** 29 Nov 2019
- **Citation:** TCN-2019-NCLT-00390
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ram-agri-infra-india-pvt-ltd-ma-3209-2019-in-cp-ib-1798-mb-2017-a5e6c4c8

## Summary

### Background

The case involves an application (MA 3209/2019) filed by the Resolution Professional, Mr. Manishkumar Patel, seeking approval for the withdrawal of a Corporate Insolvency Resolution Process (CIRP) initiated against Ram Agri Infra India Pvt. Ltd. The CIRP was initiated based on a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) by Shrishankar Menon, the Power of Attorney holder for Mrs. Rukmini P. Nair and Mrs. Veena S. Menon, who were operational creditors. The company was admitted into CIRP on 28.12.2018. The Committee of Creditors (CoC) was formed, including the Central Bank of India as a financial creditor and Shrishankar Menon representing the operational creditors. The Resolution Professional submitted that the financial claim related to

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## Facts

On 28.12.2018, Corporate Insolvency Resolution Process (CIRP) was initiated against Ram Agri Infra India Pvt. Ltd. after a petition was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) by Shrishankar Menon, the Power of Attorney holder for Mrs. Rukmini P. Nair and Mrs. Veena S. Menon, who were operational creditors, for an operational debt of Rs.10,97,445/-. The Committee of Creditors (CoC) was formed, including the Central Bank of India as a financial creditor with a claim of Rs.45,18,835/- and Shrishankar Menon representing the operational creditors with a claim of Rs.12,13,568/-. The Resolution Professional, Mr. Manishkumar Patel, submitted that the financial claim related to a third-party corporate guarantee given by the company to the Central Bank

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## Issues and analysis

### Issue 1: Whether the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Ram Agri Infra …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the

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**Reasoning:** The court reasoned that the CoC had unanimously approved the withdrawal of the CIRP in

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

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**Application:** In this case, the CoC unanimously approved the withdrawal, the financial

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## Parties

- **Judges:** M.K. Sh…; Chandra Bha…
- **Appellants:** Shrishankar…
- **Respondents:** Ram Agri Infra…; Santosh…

## Timeline

- **2017-12-22 — Application…**: Shrishankar Memon filed an application bearing C.P. No. C.P./IB/1798/MB/2017 before the…
- **2018-12-28 — CIRP Admi…**: The Adjudicating Authority admitted the application bearing C.P. No. C.P./IB/1798/MB/2017…

## 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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