# In the matter of Vardhman Vitrified Pvt. Ltd. CP(IB) 39 of 2019

> NCLT judgment dated 2022-01-03. Citation: TCN-2022-NCLT-04556. The application, IA/875(AHM)2021, was filed under Section 12A of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 3 Jan 2022
- **Citation:** TCN-2022-NCLT-04556
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vardhman-vitrified-pvt-ltd-cpib-39-of-2019-cec92762

## Summary

### Background

The application, IA/875(AHM)2021, was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the withdrawal of the main Corporate Insolvency Resolution Process (CIRP) application, CP(IB) 39 of 2019, after its admission. The Committee of Creditors (CoC) convened on November 23, 2021, and unanimously resolved to withdraw the matter with 100% votes.

## Facts

Bank of Baroda filed a Corporate Insolvency Resolution Process (CIRP) application, CP(IB) 39 of 2019, against Vardhman Vitrified Pvt Ltd. The application was admitted. Subsequently, IA/875(AHM)2021 was filed under Section 12A of the IBC, 2016, seeking withdrawal of the CIRP application. The Committee of Creditors (CoC) met on November 23, 2021, and passed a resolution with 100% votes to withdraw the matter, indicating a settlement. The application for withdrawal was based on the settlement of the matter.

## Issues and analysis

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

**Ratio:** Section 12A of the IBC, 2016, allows for the withdrawal of a CIRP application if the

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**Reasoning:** The court reasoned that since the matter was settled and the CoC had unanimously resolved

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**Interpretation:** Section 12A of the IBC, 2016, is interpreted to provide a mechanism for

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**Application:** In this case, the CoC approved the withdrawal with 100% votes, indicating a

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Bank of B…
- **Respondents:** Vardhman Vitrified…

## Timeline

- **2019-01-01 — CP(IB) 39 of 2…**: Corporate Insolvency Resolution Process (CIRP)…
- **2021-11-23 — CoC Meet…**: The Committee of Creditors (CoC) met and passed a resolution to withdraw the matter with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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