# In the matter of SSV Engineers Private Limited IA No.117-2020 in CP (IB) 1740-2018

> NCLT judgment dated 2020-04-28. Citation: TCN-2020-NCLT-01399. The case involves an Interlocutory Application (IA) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 28 Apr 2020
- **Citation:** TCN-2020-NCLT-01399
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ssv-engineers-private-limited-ia-no117-2020-in-cp-ib-1740-2018-cb41f1ac

## Summary

### Background

The case involves an Interlocutory Application (IA) filed by the Resolution Professional (RP) of SSV Engineers Private Limited under section 60(5) of the Insolvency & Bankruptcy Code, 2016 (IBC). The Adjudicating Authority had initiated Corporate Insolvency Resolution Process (CIRP) against SSV Engineers Private Limited on 03.01.2019. The CIRP was extended, and the RP received a withdrawal application from the original Operational Creditor. The Committee of Creditors (CoC) did not approve the withdrawal initially. The RP also filed IA No.3467/2019 for liquidation of the Corporate Debtor.

## Facts

The Resolution Professional (RP) of SSV Engineers Private Limited filed an Interlocutory Application (IA) under section 60(5) of the Insolvency & Bankruptcy Code, 2016 (IBC). The Adjudicating Authority had initiated Corporate Insolvency Resolution Process (CIRP) against SSV Engineers Private Limited on 03.01.2019. The CIRP was extended. The RP received a withdrawal application from the original Operational Creditor, which was placed before the CoC but initially did not receive positive votes. The RP filed IA No.3467/2019 for liquidation. The promoter/suspended director settled dues with all financial and operational creditors (except SBI initially) by 06.01.2020, obtaining their consent for withdrawal. SBI, however, sought clarity regarding the pending liquidation

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## Issues and analysis

### Issue 1: Whether the Resolution Professional should be directed to convene a meeting of the Committee of …

**Ratio:** Section 12A of the IBC, read with regulation 30A of the IBBI (Insolvency Resolution

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**Reasoning:** The Bench considered the facts and circumstances, noting that the promoter/suspended

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**Interpretation:** Section 12A allows for withdrawal of CIRP if the CoC approves, typically after

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**Application:** Given the settlement of dues and the creditors' consent, the Bench directed the

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## Parties

- **Judges:** Rajasekha…; Ravikumar…; +1 more
- **Appellants:** Anuj Ba…
- **Respondents:** SSV Engineers…; Harshad Vandravand…

## Timeline

- **2018-01-01 — CP (IB)…**: CP (IB) 1740/2018 was…
- **2019-01-03 — CIRP Init…**: Adjudicating Authority admitted the company petition and initiated CIRP against SSV…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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