# in the matter of Taurus Hides Pvt. Ltd. IA-788-CHE-2021 in CP-1287-IB-2018

> NCLT judgment dated 2021-10-04. Citation: TCN-2021-NCLT-00873. The application, IA/788/CHE/2021, was filed under Section 12A of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 4 Oct 2021
- **Citation:** TCN-2021-NCLT-00873
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/taurus-hides-pvt-ltd-ia-788-che-2021-in-cp-1287-ib-2018-738748fa

## Summary

### Background

The application, IA/788/CHE/2021, was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulations 30A (1) (b) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, in the matter of M/s. Taurus Hides Pvt. Ltd. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 20.01.2020, and the Applicant was appointed as the Interim Resolution Professional (IRP). The IRP constituted the Committee of Creditors (CoC) with two creditors, Suryapelle Chemical and Moulds Pvt. Ltd. and Popular Agencies, holding 64% and 36% respectively. The CoC did not confirm the Applicant as the Resolution Professional, nor did they appoint any other Resolution

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Taurus Hides Pvt. Ltd. on 20.01.2020. Raguram Mani was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was formed with Suryapelle Chemical and Moulds Pvt. Ltd. and Popular Agencies holding 64% and 36% of the voting share, respectively. The CoC did not confirm Raguram Mani as the Resolution Professional, nor did they appoint any other Resolution Professional. Raguram Mani continued to perform his duties, but his dues were not paid. Subsequently, the CoC passed a resolution on 22.04.2021 with 100% voting share for the withdrawal of the CIRP. Raguram Mani filed Form FA as per regulation 30A of the IBBI Regulations, and his dues were paid in full. He also

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## Issues and analysis

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

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the

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**Reasoning:** The court considered the submissions of the Learned Counsel for the Applicant, the

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**Interpretation:** Section 12A and Regulation 30A provide a mechanism for the CoC to withdraw the

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**Application:** In this case, the CoC passed a resolution with 100% voting share for the

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## Parties

- **Judges:** R. Sucha…; Anil Ku…
- **Appellants:** Raguram…
- **Respondents:** Taurus Hides Pvt.…

## Timeline

- **2020-01-20 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2020-01-01 — Appointment…**: Raguram Mani was appointed as the…

## 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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