# In the matter of Thay Lift and Shift Private Limited MA-1126-2019 in CP-1475-(IB)-2018

> NCLT judgment dated 2021-04-23. Citation: TCN-2021-NCLT-02314. This is an application filed to withdraw the Corporate Insolvency Resolution Process (CIRP)…

- **Court:** NCLT
- **Order date:** 23 Apr 2021
- **Citation:** TCN-2021-NCLT-02314
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/thay-lift-and-shift-private-limited-ma-1126-2019-in-cp-1475-ib-2018-8f439221

## Summary

### Background

This is an application filed to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, Thay Lift and Shift Private Limited. The CIRP was initiated based on an application by an Operational Creditor. The Interim Resolution Professional (IRP) was appointed, and a public announcement was made to invite claims from creditors. The sole Operational Creditor, holding 100% voting rights, constituted the Committee of Creditors (CoC). In the first CoC meeting, the CoC decided to withdraw the application for CIRP instead of appointing a Resolution Professional. The IRP received an application for withdrawal in Form FA as per Regulation 30(A).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Thay Lift and Shift Private Limited. Mr. V. Duraisamy was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 04.07.2019, inviting claims from creditors. Vanjax Sales Private Ltd., the 1st Respondent, filed a claim as an Operational Creditor for Rs.52,50,960/-. No financial creditor filed a claim. The sole Operational Creditor constituted the Committee of Creditors (CoC) and decided to withdraw the CIRP application. The IRP received an application for withdrawal in Form FA as per Regulation 30(A). The 1st CoC meeting was held on 07.08.2019. The 1st Respondent/Operational Creditor was represented by its counsel and concurred with the averments made in the

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## Issues and analysis

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

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

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**Reasoning:** The court considered the application filed by the IRP, the approval for withdrawal given

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**Interpretation:** Section 12(A) allows for withdrawal of CIRP with the approval of 90% of the

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**Application:** In this case, the sole Operational Creditor, holding 100% voting rights,

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** V. Dura…
- **Respondents:** M/s. THAY LIFT…; M/s. Vanjax Sales…
- **Advocates:** A.G. Sathyanarayan…; Peruman Sa…

## Timeline

- **2018-01-01 — CP/1475/(IB…**: Filing of CP/1475/(IB)/2…
- **2019-06-28 — Order Da…**: Order initiating the Corporate Insolvency Resolution process in relation to the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(a) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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