# In the matter of Sanchesz Helathcare Pvt. Ltd. MA-164-KOB-2020 in IBA-55-KOB-2019

> NCLT judgment dated 2020-11-04. Citation: TCN-2020-NCLT-00298. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 4 Nov 2020
- **Citation:** TCN-2020-NCLT-00298
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sanchesz-helathcare-pvt-ltd-ma-164-kob-2020-in-iba-55-kob-2019-958a9507

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Sanchesz Healthcare Private Ltd. The CIRP was initiated based on an application filed by Kerala State Industrial Development Corporation Ltd under Section 7 of the IBC, 2016. The Interim Resolution Professional (IRP) was appointed and a Committee of Creditors (CoC) was constituted. Subsequently, the CoC resolved to withdraw the CIRP proceedings with 100% voting and to make payment of the CIRP costs. The application for withdrawal was filed under Section 12A of the IBC, read with relevant regulations.

## Facts

Kerala State Industrial Development Corporation Ltd initiated CIRP against Sanchesz Healthcare Pvt Ltd under Section 7 of IBC, 2016. The application was admitted on 2020-02-27. An Interim Resolution Professional (IRP) was appointed, who then proceeded to carry out necessary functions. A Committee of Creditors (CoC) was constituted on 2020-03-12. The first CoC meeting was held on 2020-05-21, where the IRP was appointed as RP. The 3rd CoC meeting held on 2020-10-15 resolved with 100% voting to withdraw the CIRP proceedings and to pay the CIRP costs. Based on Form FA filed by the Financial Creditor and the CoC's resolution, the applicant/RP filed an application for withdrawal of IBA/55/KOB/2019 under Section 12A of IBC. The NCLT heard the arguments and perused the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP with the approval of the

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**Reasoning:** The court considered the application filed by the RP under Section 12A, the Form FA filed

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP if the CoC, with a

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**Application:** In this case, the CoC, with 100% voting, resolved to withdraw the CIRP. The RP

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## Parties

- **Judges:** Ashok Kumar…
- **Appellants:** Sankar P. P…
- **Respondents:** Sanchesz Healthcar…; M/s. Kerala State…

## Timeline

- **2020-02-27 — Admission of Ap…**: Tribunal admitted the application filed under Section 7 of the IBC, 2016, by Kerala State…
- **2020-03-12 — Constitution…**: The Committee of…

## 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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