# In the matter of Snowqueen Towers Pvt. Ltd. CA(IB) No. 1161-KB-2018 In C.P. (IB) No. 697-KB-2018

> NCLT judgment dated 2018-12-31. Citation: TCN-2018-NCLT-00004. The case involves an application filed by the Resolution Professional under Section 12A of the…

- **Court:** NCLT
- **Order date:** 31 Dec 2018
- **Citation:** TCN-2018-NCLT-00004
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/snowqueen-towers-pvt-ltd-caib-no-1161-kb-2018-in-cp-ib-no-697-kb-2018-fb5da80d

## Summary

### Background

The case involves an application filed by the Resolution Professional under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of Corporate Insolvency Resolution Process (CIRP) initiated vide CP(IB) No. 697/KB/2018. The reason for the withdrawal is the discharge of the entire debt due to the Financial Creditor, who is the applicant in the CIRP.

## Facts

Reliance Commercial Finance Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Snowqueen Towers Pvt. Ltd. via CP(IB) No. 697/KB/2018. The Resolution Professional filed an application (CA(IB) No. 1161/KB/2018) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP because the entire debt due to the Financial Creditor (Reliance Commercial Finance Ltd) had been discharged. The Resolution Professional submitted that all requirements under Section 12A and Regulation 30A of the Insolvency Resolution Process Regulations were met. The application was filed before the publication of the Expression of Interest from prospective resolution applicants.

## Issues and analysis

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

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

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**Reasoning:** The court reasoned that the Resolution Professional had submitted that all requirements

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP when the underlying debt

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**Application:** In this case, the court applied Section 12A by verifying that the debt was

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## Parties

- **Judges:** Jinan…
- **Respondents:** Snowqueen Towers…; Reliance Commercia…

## Timeline

- **2018-12-31 — Hearing…**: Hearing held on December…
- **2018-01-01 — CP(IB) No. 697/KB/2018…**: Corporate Insolvency Resolution Process…

## 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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