# In the matter of Shree Vishnu Power & Energy Pvt. Ltd. TP No. 105-CTB-2019, (CP (IB) No. 646-MB-20l9), IA No. 290-C8-2020,
IA No. 291-CB-2020, IA No. 292 & 293-CB-2020, IA (IBC) No. 40-CB-2021

> NCLT judgment dated 2021-06-21. Citation: TCN-2021-NCLT-01943. The case involves an application (IA No. 292/CB/2020) filed by the Resolution Professional. The…

- **Court:** NCLT
- **Order date:** 21 Jun 2021
- **Citation:** TCN-2021-NCLT-01943
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-vishnu-power-energy-pvt-ltd-tp-no-105-ctb-2019-cp-ib-no-646-mb-20l9-ia-no-4bee3157

## Summary

### Background

The case involves an application (IA No. 292/CB/2020) filed by the Resolution Professional. The Corporate Debtor settled the dues of the Financial Creditors, leading to the Financial Creditors passing a resolution with 100% voting for the withdrawal of the CIRP against the Corporate Debtor. CP No. 41/CTB/2019 was also filed under section 9 of IBC. Since, the TP No. 105/CTB/2019 was admitted, the CP No. 41/CTB/2019 was CLOSED.

## Facts

The Resolution Professional filed IA No. 292/CB/2020. The Corporate Debtor settled its dues with the Financial Creditors. The Financial Creditors, in a CoC meeting, passed a resolution with 100% voting to withdraw the CIRP against the Corporate Debtor. CP No. 41/CTB/2019 was also filed under section 9 of IBC. TP No. 105/CTB/2019 was admitted, and CP No. 41/CTB/2019 was CLOSED. This IA No. 292/CB/2020 was filed under Section 12A of IBC.

## Issues and analysis

### Issue 1: Whether IA No. 292/CB/2020 filed under Section 12A of the IBC should be allowed, leading to the …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP with the approval of 90% of the

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**Reasoning:** The Corporate Debtor settled the dues of the Financial Creditors. The Financial

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**Interpretation:** Section 12A provides a mechanism for CIRP withdrawal when creditors agree,

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**Application:** Since the Corporate Debtor settled the dues and the creditors voted unanimously

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## Parties

- **Judges:** Sucharit…; Satya Ranjan…
- **Respondents:** ISGEC Heavy…; Abdullah Q…

## Timeline

- **2019-01-01 — TP No.105/C…**: TP No.105/CTB/2019 was…
- **2019-01-01 — CP No. 41/C…**: CP No. 41/CTB/2019 was…

## 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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