# 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-00880. The application IA/788/CHE/2021 was filed in CP/1287/IB/2018 under Section 12A of the…

- **Court:** NCLT
- **Order date:** 4 Oct 2021
- **Citation:** TCN-2021-NCLT-00880
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/taurus-hides-pvt-ltd-ia-788-che-2021-in-cp-1287-ib-2018-9c88700d

## Summary

### Background

The application IA/788/CHE/2021 was filed in CP/1287/IB/2018 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 a 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

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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 IRP constituted a Committee of Creditors (CoC) comprising 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 (RP) and did not appoint any other RP. Raguram Mani continued to perform his duties but was not paid his dues. Consequently, Raguram Mani filed IA/796/2020 seeking relief from continuing as IRP. 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

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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:** The legal issue revolves around the interpretation and application of Section

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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:** M/s. Taurus Hides…
- **Advocates:** P.J. Rish…

## Timeline

- **2020-01-20 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2020-01-20 — 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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