# In the matter of Roma Shipping Pvt. Ltd. MA 656-2020 in C.P.(IB)- 1781-(MB)-2019

> NCLT judgment dated 2020-03-03. Citation: TCN-2020-NCLT-01696. The case involves an application filed by the Resolution Professional (RP) for the withdrawal…

- **Court:** NCLT
- **Order date:** 3 Mar 2020
- **Citation:** TCN-2020-NCLT-01696
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/roma-shipping-pvt-ltd-ma-656-2020-in-cpib-1781-mb-2019-5a65ce2d

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) petition, which was initially admitted on November 7, 2019. The Financial Creditor issued Form FA for withdrawal, and the Committee of Creditors (CoC) resolved to withdraw the Company Petition with 100% majority in a meeting held on January 24, 2020.

## Facts

The CIRP petition against Roma Shipping Pvt Ltd was admitted on November 7, 2019. Subsequently, the Financial Creditor, United Bank of India, issued Form FA for withdrawal of the CIRP. The CoC, in a meeting held on January 24, 2020, resolved to withdraw the Company Petition with 100% majority. The RP filed an application for withdrawal, confirming receipt of fees. The application was found to be in consonance with Section 12A of the Insolvency and Bankruptcy Code, 2016.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP petition should be allowed, considering the …

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

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**Reasoning:** The court reasoned that the Financial Creditor had issued Form FA for withdrawal, the CoC

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**Interpretation:** Section 12A provides a mechanism for settling disputes and withdrawing CIRP

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**Application:** In this case, the Financial Creditor's issuance of Form FA, the CoC's unanimous

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## Parties

- **Judges:** SUCHITRAKAN…; V. Nallasen…
- **Respondents:** Roma Shipping Pvt…

## Timeline

- **2019-11-07 — CIRP Admi…**: The Corporate Insolvency Resolution Process (CIRP) petition against Roma Shipping Pvt Ltd…
- **2020-01-24 — CoC Resol…**: The Committee of Creditors (CoC) resolved to withdraw the Company Petition with 100%…

## 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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