# In the matter of UTS Retail Private Limited IA-1063(KB)2020 , IA-261(KB)2021 in C.P. (IB)-50(KB)2019

> NCLT judgment dated 2021-04-20. Citation: TCN-2021-NCLT-02337. The case involves an application (IA 261/KB/2021) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 20 Apr 2021
- **Citation:** TCN-2021-NCLT-02337
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/uts-retail-private-limited-ia-1063kb2020-ia-261kb2021-in-cp-ib-50kb2019-044ee6f7

## Summary

### Background

The case involves an application (IA 261/KB/2021) filed by the Resolution Professional (RP) seeking leave to withdraw the underlying Company Petition. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor vide order dated 26.09.2019. A public announcement was made by the Interim Resolution Professional (IRP) on 11.10.2019, and the Committee of Creditors (CoC) was constituted on 26.12.2019. The IRP was confirmed as the RP on 04.02.2020. On 19.02.2021, at the 4th meeting of the CoC, the applicant was authorized to file an application for the withdrawal of the underlying Company Petition. The resolution was passed with 100% voting.

## Facts

The Interim Resolution Professional (IRP) made a public announcement on 2019-10-11. The Committee of Creditors (CoC) was formed on 2019-12-26. The IRP was confirmed as the Resolution Professional (RP) on 2020-02-04. The CoC authorized the RP to file an application for withdrawal of the Company Petition during its meeting on 2021-02-19, with a 100% vote in favor. The RP filed IA 261/KB/2021 seeking leave to withdraw the underlying Company Petition. The RP confirmed that all CIRP costs and fees were fully paid, and no other dues were outstanding. The CIRP was initiated against the Corporate Debtor on 2019-09-26.

## Issues and analysis

### Issue 1: Whether the application (IA 261/KB/2021) filed by the RP seeking leave to withdraw the underlying …

**Ratio:** The Adjudicating Authority has the power to allow the withdrawal of a CIRP application if

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**Reasoning:** The RP confirmed that all CIRP costs and fees had been paid in full, and the CoC had

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**Interpretation:** This interprets the provisions of the IBC relating to the withdrawal of CIRP

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** ACTION CONSTRUCTIO…; UTS INFRATEL…
- **Advocates:** Aishwarya Kumar…

## Timeline

- **2019-09-26 — CIRP Init…**: CIRP initiated against…
- **2019-10-11 — Public Annou…**: Public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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