# In the matter of Susheela Texfab Pvt. Ltd. CA No. 65-2019 in C P No.(IB) 288-ALD-2018

> NCLT judgment dated 2019-03-12. Citation: TCN-2019-NCLT-04480. The case pertains to CP No.(IB) 288/ALD/2018 and CA No. 65/2019 before the Allahabad Bench of…

- **Court:** NCLT
- **Order date:** 12 Mar 2019
- **Citation:** TCN-2019-NCLT-04480
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/susheela-texfab-pvt-ltd-ca-no-65-2019-in-c-p-noib-288-ald-2018-cb17824f

## Summary

### Background

The case pertains to CP No.(IB) 288/ALD/2018 and CA No. 65/2019 before the Allahabad Bench of the National Company Law Tribunal. The Resolution Professional (RP) filed an affidavit declaring that all expenses and fees related to the Corporate Insolvency Resolution Process (CIRP) have been paid by the Committee of Creditors (COC) on 21.02.2019, and nothing remains payable to the Interim Resolution Professional (IRP). CA 65/2019 was filed by the Resolution Professional under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of CP(IB) 288/ALD/2018.

## Facts

Shanti Steel Syndicate initiated Corporate Insolvency Resolution Process (CIRP) against Susheela Texfab Pvt. Ltd. Anil Kumar served as the Interim Resolution Professional (IRP). The Committee of Creditors (COC), consisting of a single financial creditor, convened its 3rd meeting on 16.02.2019 and unanimously (100% voting share) resolved to approve the withdrawal of CP(IB) 288/ALD/2018. The IRP filed an affidavit declaring that all expenses and fees relating to the CIRP process had been paid by the COC on 21.02.2019, and nothing was payable to the IRP. The operational creditor, Shanti Steel Syndicate, filed Form-F A seeking permission to withdraw CP(IB) 288/ALD/2018. The IRP placed the said form FA before the COC. CA 65/2019 was filed by the Resolution Professional

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of CP(IB) 288/ALD/2018, as sought by the Resolution …

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

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**Reasoning:** The COC, consisting of a single financial creditor, approved the withdrawal of CP(IB)

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

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**Application:** In this case, the COC unanimously approved the withdrawal, and the IRP

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## Parties

- **Judges:** Saroj Ra…; BIKKI RAVEENDRA…
- **Appellants:** Shanti Steel…
- **Respondents:** Susheela Texfab…

## Timeline

- **2019-02-16 — COC Meet…**: The Committee of Creditors (COC) held its 3rd meeting and resolved to approve the…
- **2019-02-21 — Payment b…**: The COC paid all expenses and fees relating to the CIRP process, and nothing remained…

## 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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