# In the matter of Rudra Auto Tech Engineering Pvt. Ltd. CA No. 281-2019 in CP No. (IB) 346-ALD-2018

> NCLT judgment dated 2019-09-20. Citation: TCN-2019-NCLT-01360. The case involves an application (CA No.281/2019) filed under Section 12A of the Insolvency and…

- **Court:** NCLT
- **Order date:** 20 Sept 2019
- **Citation:** TCN-2019-NCLT-01360
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rudra-auto-tech-engineering-pvt-ltd-ca-no-281-2019-in-cp-no-ib-346-ald-2018-5a51bd5e

## Summary

### Background

The case involves an application (CA No.281/2019) filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation 2016, seeking withdrawal of the petition (CP No.(IB)346/ALD/2018) under Section 9 of the IBC. The applicant/IRP submitted that Form FA has been filed by Mr. Hemant Kumar Joshi, Authorized Signatory of Operational Creditor company (Usha Martin Ltd.). The Committee of Creditors (CoC) has not yet been constituted.

## Facts

Usha Martin Ltd filed an application to withdraw the Corporate Insolvency Resolution Process (CIRP) against Rudra Auto Tech Engineering Pvt Ltd. The application, CA No.281/2019, was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the Insolvency Resolution Process for Corporate Persons Regulation 2016. The applicant/IRP submitted Form FA, filed by Mr. Hemant Kumar Joshi, Authorized Signatory of Usha Martin Ltd. The Committee of Creditors (CoC) had not yet been constituted. A supplementary affidavit was also filed, granting Power of Attorney to Mr. Hemant Kumar Joshi, duly signed by Mr. Praveen Kumar Jain, Joint Managing Director. The operational creditor is Niraj Kumar Singh.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can approve the withdrawal of a Corporate Insolvency Resolution …

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

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**Reasoning:** The Adjudicating Authority considered that the CoC had not yet been constituted.

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**Interpretation:** Section 12A read with Regulation 30A allows for a flexible approach to

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**Application:** In this case, since the CoC was not constituted, the Adjudicating Authority

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## Parties

- **Judges:** ABNI RANJAN KUMAR…
- **Appellants:** Niraj Kumar…
- **Respondents:** Rudra Auto Tech…

## Timeline

- **2018-01-01 — Filing of CP No.(IB)346/…**: The initial Corporate Insolvency…
- **2019-09-20 — Hearing…**: Hearing of Allahabad Bench of 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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