# 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-02340. 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-02340
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/uts-retail-private-limited-ia-1063kb2020-ia-261kb2021-in-cp-ib-50kb2019-bac7aa41

## 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. At the 4th meeting of the CoC on 19.02.2021, the applicant was authorized to file an application for the withdrawal of the underlying Company Petition, with a resolution passed by 100% voting.

## Facts

The CIRP was initiated against the Corporate Debtor on 2019-09-26. The IRP made a public announcement on 2019-10-11. The CoC was constituted on 2019-12-26. The IRP was confirmed as RP on 2020-02-04. The CoC authorized the RP to file an application for withdrawal of the Company Petition in its meeting held on 2021-02-19, with 100% voting in favor. The RP confirmed that all CIRP costs and fees were paid in full, and no dues were pending to any creditor. The RP filed IA 261/KB/2021 seeking leave to withdraw the underlying Company Petition.

## 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 Company Petition 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 issue involves the interpretation of the IBC provisions related to the

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**Application:** In this case, the RP's confirmation of full payment of CIRP costs and the CoC's

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## Parties

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

## 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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