# In the matter of Tuljai Industrial Products Private Limited M.A. 736 0f 2019 & 521 of 2020 In C.P. (IB) 2248-MB-2019

> NCLT judgment dated 2020-02-20. Citation: TCN-2020-NCLT-01880. The case involves a miscellaneous application filed by the Resolution Professional (RP) seeking…

- **Court:** NCLT
- **Order date:** 20 Feb 2020
- **Citation:** TCN-2020-NCLT-01880
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tuljai-industrial-products-private-limited-ma-736-0f-2019-521-of-2020-in-cp-ib-2-9d98ccb2

## Summary

### Background

The case involves a miscellaneous application filed by the Resolution Professional (RP) seeking an order under Section 12A of the Insolvency and Bankruptcy Code for withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Tuljai Industrial Products Private Limited. A petition under Section 7 of the Code was admitted on 2019-11-11 for a debt of Rs. 16,78,747/-, and Udaykumar Bhaskar Bhat was appointed as Interim Resolution Professional. The RP made a public announcement on 2019-11-28 and received a claim from the Operational Creditor. A Committee of Creditors (CoC) was formed, consisting of a sole operational creditor, and its first meeting was held on 2019-12-23.

## Facts

A petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) was admitted on 2019-11-11, concerning a debt of Rs. 16,78,747/-. Udaykumar Bhaskar Bhat was appointed as the Interim Resolution Professional (IRP). A public announcement was made on 2019-11-28, and a claim was received from the Operational Creditor, leading to the formation of a Committee of Creditors (CoC) consisting of a single operational creditor. The first CoC meeting occurred on 2019-12-23. The second CoC meeting on 2020-02-04 involved discussions about withdrawing the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Resolution Professional informed the CoC that all insolvency resolution process costs had been received, and a bank guarantee was not obtained.

…

## Issues and analysis

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

**Ratio:** Section 12A of the IBC and Regulation 30A of the IBBI (Insolvency Resolution Process for

…

**Reasoning:** The court reasoned that the CoC had approved the withdrawal of CIRP after the operational

…

**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP if the CoC approves and

…

**Application:** In this case, the CoC, consisting of a sole operational creditor, approved the

…

## Parties

- **Judges:** SUCHITRA KANUPARTH…; Chandra Bha…; +1 more
- **Appellants:** Berger Paints…
- **Respondents:** Tuljai Industrial…

## Timeline

- **2019-11-11 — Section 7 Petition…**: A petition under Section 7 of the Code was…
- **2019-11-28 — Public Announcement by…**: The Resolution Professional…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/tuljai-industrial-products-private-limited-ma-736-0f-2019-521-of-2020-in-cp-ib-2-9d98ccb2