# In the matter of Trifalagur Square Infrastructure Private Limited IA No. 262-2021 in CP No. (IB) 63-ALD-2019

> NCLT judgment dated 2021-08-27. Citation: TCN-2021-NCLT-01267. The case involves an application (IA No. 262/2021) filed in CP No.(IB)63/ALD/2019 under Section…

- **Court:** NCLT
- **Order date:** 27 Aug 2021
- **Citation:** TCN-2021-NCLT-01267
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/trifalagur-square-infrastructure-private-limited-ia-no-262-2021-in-cp-no-ib-63-a-e7bf3a5e

## Summary

### Background

The case involves an application (IA No. 262/2021) filed in CP No.(IB)63/ALD/2019 under Section 12A of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The CIRP was triggered by an order dated 29.07.2021. The applicant contends that the withdrawal application is based on reasons detailed in para no.3 of the application, specifically that the Committee of Creditors (CoC) has not been constituted and no claims have been received.

## Facts

An application, IA No. 262/2021, was filed in CP No.(IB)63/ALD/2019 under Section 12A of the IBC, seeking withdrawal of the CIRP initiated against the Corporate Debtor. The CIRP was triggered by a Tribunal order dated 2021-07-29. The applicant argued that the CoC had not been constituted, and no claims had been received. This is relevant because Section 12A allows withdrawal under certain conditions, often involving the consent of a certain percentage of creditors. The absence of a CoC and claims suggests the CIRP is at a very early stage, potentially justifying withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CP No.(IB)63/ALD/2019 under Section 12A of the IBC should …

**Ratio:** Section 12A of the IBC, read with Regulation 30A of the CIRP Regulations and Rule 11 of

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**Reasoning:** The court reasoned that, based on the submissions made, the application for withdrawal

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**Interpretation:** Section 12A of the IBC is interpreted to allow for withdrawal of CIRP,

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**Application:** In this specific case, the court applied the ratio of Section 12A, Regulation

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## Parties

- **Judges:** Rajesh Daya…
- **Respondents:** TRIFALAGUR SQUARE…

## Timeline

- **2021-07-29 — Order Da…**: Tribunal passed an order triggering…
- **2021-08-27 — Hearing…**: Hearing of IA No. 262/2021 took…

## 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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