# In the matter of Sravanathi Infratech Pvt. Ltd. CA No. 304-2018 In CP(IB)No.75-Chd-Hry-2018

> NCLT judgment dated 2018-08-09. Citation: TCN-2018-NCLT-00971. Gupta Power Infrastructure Limited filed an application under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 9 Aug 2018
- **Citation:** TCN-2018-NCLT-00971
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sravanathi-infratech-pvt-ltd-ca-no-304-2018-in-cpibno75-chd-hry-2018-80efa1d3

## Summary

### Background

Gupta Power Infrastructure Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Sravanthi Infratech Pvt. Ltd. The application was admitted on 31.05.2018. Subsequently, Mr. Giridhari Lal Sharma was appointed as Interim Resolution Professional and later confirmed as Resolution Professional by the Committee of Creditors. An application was filed for withdrawal of the petition under Section 9, considering amendments to the Code and IBBI regulations.

## Facts

Gupta Power Infrastructure Limited, the operational creditor, initiated corporate insolvency resolution process (CIRP) against Sravanthi Infratech Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 31.05.2018. Mr. Giridhari Lal Sharma was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. The Committee of Creditors (CoC) was formed, comprising two financial creditors. Before the invitation for Expression of Interest, the CoC decided to withdraw the CIRP application with 100% voting share in meetings held on 02.07.2018 and 19.07.2018. The Resolution Professional filed an application for withdrawal based on the CoC's decision.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the petition under Section 9 of the Insolvency and …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code allows the Adjudicating Authority to

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**Reasoning:** The court noted that the Committee of Creditors had approved the withdrawal with 100%

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP applications if a

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**Application:** In this case, the CoC's unanimous approval for withdrawal, evidenced by the

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Gupta Power…
- **Respondents:** Sravanthi…

## Timeline

- **2018-05-31 — Admission of Ap…**: Application under Section 9 of…
- **2018-06-04 — Appointment…**: Mr. Giridhari Lal Sharma appointed as…

## 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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