# In the matter of Raveena Hotels Private Limited I.A. No. 488-2020 in C.P. (IB)No. 258-BB-2018

> NCLT judgment dated 2020-12-03. Citation: TCN-2020-NCLT-00172. The case involves an application to withdraw a Company Petition under Section 12A of the…

- **Court:** NCLT
- **Order date:** 3 Dec 2020
- **Citation:** TCN-2020-NCLT-00172
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/raveena-hotels-private-limited-ia-no-488-2020-in-cp-ibno-258-bb-2018-6d7fb6f8

## Summary

### Background

The case involves an application to withdraw a Company Petition under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30 A (b) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Initially, C.P.(IB)No.258/BB/2018 was filed by Rubfila International Limited under Section 7 of the IBC, which was admitted by the Adjudicating Authority on 26.09.2019, initiating the Corporate Insolvency Resolution Process (CIRP) for Raveena Hotels Private Limited. An Interim Resolution Professional (IRP) was appointed, and a moratorium was imposed. Subsequently, the IRP was confirmed as the Resolution Professional (RP) on 03.01.2020. Public announcements were made to invite claims from creditors. The RP published an

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## Facts

Rubfila International Limited initiated CIRP against Raveena Hotels Private Limited by filing C.P.(IB)No.258/BB/2018 under Section 7 of IBC. The petition was admitted on 26.09.2019. An IRP was appointed, later confirmed as RP on 03.01.2020. Public announcements were made to invite claims. The RP published an EOI. The seventh CoC meeting considered the withdrawal Form FA submitted by the Financial Creditor on 07.11.2020. PNB Housing Finance Pvt. Ltd. held 83% voting rights in CoC. The Financial Creditor informed that their dues were settled and consented to the Corporate Debtor filing Form FA, subject to CoC approval. The CoC unanimously resolved to accept the withdrawal application. The Financial Creditor settled all the CIRP costs on 16.11.2020, and the Corporate

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the withdrawal of a Company Petition under Section 12A …

**Ratio:** Section 12A of the IBC, read with Regulation 30A of the IBBI (Insolvency Resolution

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**Reasoning:** The court reasoned that the Financial Creditor and the Corporate Debtor had reached a

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**Interpretation:** Section 12A provides a mechanism for withdrawing an application admitted under

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**Application:** In this case, the Financial Creditor and the Corporate Debtor reached a

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Rubfila Internatio…
- **Respondents:** Raveena Hotels…

## Timeline

- **2018-01-01 — Filing of C.P.(IB)No.258…**: C.P.(IB)No.258/BB/2018 was filed by…
- **2019-09-26 — Admission of Petition…**: The Adjudicating Authority admitted the petition and initiated CIRP for Raveena Hotels…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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