# In the matter of Southend Infrastructure Pvt .Ltd. (IB)-266(PB)-2018

> NCLT judgment dated 2019-03-14. Citation: TCN-2019-NCLT-04423. The case involves an application filed in a pending petition registered as CP No.…

- **Court:** NCLT
- **Order date:** 14 Mar 2019
- **Citation:** TCN-2019-NCLT-04423
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/southend-infrastructure-pvt-ltd-ib-266pb-2018-07fb5ac0

## Summary

### Background

The case involves an application filed in a pending petition registered as CP No. (IB)-266(PB)/2018 under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application seeks the withdrawal of the aforementioned petition. The corporate insolvency resolution process (CIRP) was initiated on 12.02.2019 when the petition was admitted. Subsequently, the Committee of Creditors (CoC) was constituted on 07.03.2019, comprising of one person, M/s. Sunaini Gupta, the financial creditor and the applicant in the present application.

## Facts

M/s. Sunaini Gupta filed an application for withdrawal of a Corporate Insolvency Resolution Process (CIRP) that had been initiated against M/s. Southend Infrastructure Pvt. Ltd. The CIRP was initiated based on a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP had been initiated on 12.02.2019, and a Committee of Creditors (CoC) was constituted on 07.03.2019, with M/s. Sunaini Gupta as the sole member, being the financial creditor. In response to a public notice, five claims were received, two of which were withdrawn. Of the remaining three, one was filed by the financial creditor-applicant, and two were filed by individuals but remained unverified. The applicant argued that being the sole member of the CoC, the filing of the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP should be allowed given that the applicant is …

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

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**Reasoning:** The court reasoned that since the applicant, M/s. Sunaini Gupta, is the sole member of

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**Interpretation:** Section 12A of the IBC is interpreted to mean that if a single creditor

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**Application:** In this case, M/s. Sunaini Gupta, being the sole member of the CoC, her

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## Parties

- **Judges:** M. M. K…; Harish Chander…
- **Appellants:** M/s. Sunain…
- **Respondents:** M/s. Southend…
- **Advocates:** Pulkit…; Kaustubh P…; +3 more

## Timeline

- **2018-01-01 — CP No. (IB)-266(PB)/2018…**: The initial petition was…
- **2019-02-12 — CIRP Init…**: The Corporate Insolvency…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/southend-infrastructure-pvt-ltd-ib-266pb-2018-07fb5ac0