# In the matter of Shivpuri Water Infrastructure Pvt. Ltd. IA 220-2020 in C.P. (I.B) 536-NCLT-AHM-2018

> NCLT judgment dated 2020-07-08. Citation: TCN-2020-NCLT-01055. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 8 Jul 2020
- **Citation:** TCN-2020-NCLT-01055
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shivpuri-water-infrastructure-pvt-ltd-ia-220-2020-in-cp-ib-536-nclt-ahm-2018-9c2a0005

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, by the Interim Resolution Professional (IRP) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s Shivpuri Water Infrastructure Pvt. Ltd. The CIRP was initiated after an application under Section 7 of the I&B Code was admitted on 08.01.2020.

## Facts

An application under Section 7 of the I&B Code was admitted on 08.01.2020, initiating the CIRP against M/s Shivpuri Water Infrastructure Pvt. Ltd. The first meeting of the Committee of Creditors (CoC) was convened on 12.02.2020. On 28.02.2020, Bank of Baroda, the sole financial creditor and Respondent No.2, filed Form-FA to the RP under Regulation 30A of the IBBI Regulations, seeking withdrawal of the CIRP. Bank of Baroda stated that the corporate debtor had no immovable assets, making a resolution plan unlikely. The CoC passed a resolution on 04.03.2020, with over 90% majority, to withdraw the CIRP. The IRP then filed an application under Section 12A of the I&B Code to allow the withdrawal.

## Issues and analysis

### Issue 1: Whether the application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, for …

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

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**Reasoning:** The court considered the CoC's resolution, which had more than 90% majority in favor of

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP when the CoC believes it

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**Application:** In this case, the CoC, consisting solely of Bank of Baroda, resolved to

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## Parties

- **Judges:** Manorama…
- **Appellants:** Prawin Charan…
- **Respondents:** Shivpuri Water…
- **Advocates:** Prithu Pa…

## Timeline

- **2020-01-08 — Admission of Section 7…**: An application under Section 7 of the I&B…
- **2020-02-12 — First CoC M…**: The first meeting of the Committee…

## 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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