# In the matter of Realdream Digital Pvt. Ltd. CA No. 62/2019 (IB)-744-ND-2018

> NCLT judgment dated 2019-02-25. Citation: TCN-2019-NCLT-04706. The case involves an application (CA No. 62/2019) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 25 Feb 2019
- **Citation:** TCN-2019-NCLT-04706
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/realdream-digital-pvt-ltd-ca-no-622019-ib-744-nd-2018-09379c85

## Summary

### Background

The case involves an application (CA No. 62/2019) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP). The CIRP against the Corporate Debtor was initiated on 08.01.2019. The first Committee of Creditors (COC) meeting was held on 15.02.2019, comprising only one member, the Operational Creditor. A proposal to consider another matter was placed in Form FA during the meeting.

## Facts

Mr. Kamaljeet Bhatti, the Proprietor of Planet Mobi, filed an application as the Applicant. Realdream Digital Pvt. Ltd. is the Respondent. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 08.01.2019. The first Committee of Creditors (COC) meeting was held on 15.02.2019, and it consisted of only one member, the Operational Creditor. The IRP filed an application under Section 12A for withdrawal of the CIRP due to the untraceability of documents, records, and personnel from the Ex-Management, making it impossible for the Operational Creditor to proceed. The COC approved the withdrawal with 100% voting. The relevance of the facts is that the inability to trace the ex-management and the unanimous approval of the COC led to the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the IBC should be allowed …

**Ratio:** Section 12A of the IBC allows for the withdrawal of an application admitted under Section

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**Reasoning:** The court reasoned that the Operational Creditor, being the sole member of the COC,

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**Interpretation:** Section 12A and Regulation 30A are interpreted to allow withdrawal of CIRP

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**Application:** In this case, the Operational Creditor, as the sole member of the COC, approved

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## Parties

- **Judges:** DEEPTI M…
- **Appellants:** Kamaljeet Bhatti…
- **Respondents:** Realdream Digital…

## Timeline

- **2019-01-08 — CIRP Init…**: Order initiating CIRP against the…
- **2019-02-15 — 1st COC M…**: The first Committee of Creditors (COC) meeting was held, comprising only one member, the…

## 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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