# In the matter of Rockwell Resources Earthmovers Private Limited IA(I.B.C)-19(KB)2021, IA(I.B.C)-251(KB)2021, IA(I.B.C)-378(KB)2021, IA(I.B.C)-1187(KB)2020, IA(I.B.C)-1419(KB)2020, IA(I.B.C)-640(KB)2021, IA(I.B.C)-697(KB)2021, IA(I.B.C)-653(KB)2021 in C.P. (IB)-1733(KB)2018

> NCLT judgment dated 2021-09-14. Citation: TCN-2021-NCLT-01128. The case involves an application filed by the Resolution Professional (RP) of Rockwell…

- **Court:** NCLT
- **Order date:** 14 Sept 2021
- **Citation:** TCN-2021-NCLT-01128
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rockwell-resources-earthmovers-private-limited-iaibc-19kb2021-iaibc-251kb2021-ia-c73fbc62

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) of Rockwell Resources Earthmovers Private Limited, seeking to close the Corporate Insolvency Resolution Process (CIRP) and restore the Board of Directors to its original position. The CIRP was initiated against the Corporate Debtor on 2019-11-25. The RP was appointed on 2019-12-19. The Committee of Creditors (CoC), comprising a sole Operational Creditor, approved the proposal for settlement.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Rockwell Resources Earthmovers Private Limited on 2019-11-25. Mr. Amit Choraria was appointed as the Resolution Professional (RP) on 2019-12-19. An invitation for claims was published on 2019-11-22. The Committee of Creditors (CoC) was constituted, and it comprised a sole Operational Creditor. The CoC considered a settlement proposal at its meeting on 2021-08-02 and approved it. The RP's fees were paid on 2021-08-02. Hinduja Leyland Finance Limited had filed IA(IBC)/1419(KB)2020, which was subsequently withdrawn. The RP filed an application under Section 12A of the IBC to close the CIRP and restore the Board of Directors to its original position. The relevance of these facts is to demonstrate the

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## Issues and analysis

### Issue 1: Whether the application under Section 12A of the IBC, read with regulation 30A of the CIRP …

**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 CoC, comprising the sole Operational Creditor, had already

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**Interpretation:** Section 12A and Regulation 30A are interpreted to allow for the closure of the

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**Application:** The court applied the ratio to the facts by noting that the CoC had approved

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Rockwell Resources…

## Timeline

- **2019-11-25 — CIRP Init…**: CIRP initiated against…
- **2019-12-19 — Appointment…**: Mr. Amit Choraria appointed…

## 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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