# In the matter of Shilpraj Developers Pvt. Ltd. IA 456 of 2020 in CP(IB) 178-NCLT-AHM-2018

> NCLT judgment dated 2020-08-31. Citation: TCN-2020-NCLT-00762. The case involves an application filed under Section 12A of the IB Code, 2016, read with…

- **Court:** NCLT
- **Order date:** 31 Aug 2020
- **Citation:** TCN-2020-NCLT-00762
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shilpraj-developers-pvt-ltd-ia-456-of-2020-in-cpib-178-nclt-ahm-2018-f7c2a057

## Summary

### Background

The case involves an application filed under Section 12A of the IB Code, 2016, read with regulation 30(1) (a) of the CIRP Regulations, 2016, along with Rule 11 of the National Company Law Tribunal Rules, 2016, and Section 60(5) of the Insolvency and Bankruptcy Code 2016 with Rule 154 of NCLT Rules 2016. The application seeks the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Shilpraj Developers Pvt Ltd.

## Facts

CP(IB) 178/2018 was admitted on 24.07.2019, and Mr. Sunil Kumar Agrawal was appointed as IRP. The IRP constituted a CoC with Mr. Mukeshbhai Desai as the sole Financial Creditor. The constitution of the CoC was challenged via IA 752/19, which was allowed on 10.07.2020, declaring the CoC void ab initio because the Corporate Debtor was a going concern and there were no other claimants. The RP filed an application on 27.07.2020 to withdraw the IB application, including Form FA dated 16.03.2020/20.03.2020. The court noted the delay in filing Form FA. IA 752/2019 was pending adjudication, but the RP did not inform the Adjudicating Authority about filing Form FA. The RP contested IA 752/19, wasting time and resources. The application was filed under Section 12A of the IB

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional (RP) for withdrawal of the Corporate …

**Ratio:** Section 12A of the IB Code, 2016, read with regulation 30(1) (a) of the CIRP Regulations,

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**Reasoning:** The court considered the circumstances surrounding the application for withdrawal,

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP, especially when the

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**Application:** The court allowed the withdrawal of the CIRP, as the circumstances warranted

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Sunil Kumar…
- **Respondents:** Shilpraj Developer…

## Timeline

- **2018-01-01 — CP(IB) F…**: CP(IB) 178/2018 was…
- **2019-07-24 — CP(IB) Ad…**: CP(IB) 178/2018 was admitted by…

## 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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