# In the matter of Vertex Safety Products Pvt. Ltd. IA No. 1947 & 2261-2020 in CP (IB) No. 1910-MB-2019

> NCLT judgment dated 2021-04-27. Citation: TCN-2021-NCLT-02270. The case involves two Interlocutory Applications (IAs) filed in a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 27 Apr 2021
- **Citation:** TCN-2021-NCLT-02270
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vertex-safety-products-pvt-ltd-ia-no-1947-2261-2020-in-cp-ib-no-1910-mb-2019-b9c8527e

## Summary

### Background

The case involves two Interlocutory Applications (IAs) filed in a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (I&B Code). IA No. 1947/2020 pertains to the revival of the company after it was struck off by the Registrar of Companies (RoC). IA No. 2261/2020 is an application under Section 12A of the I&B Code for withdrawal of the CIRP.

## Facts

Duskline Infrastructure Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Vertex Safety Products Pvt. Ltd. An application (IA No. 1947/2020) was filed for the revival of Vertex Safety Products Pvt. Ltd. after it was struck off by the Registrar of Companies (RoC). Another application (IA No. 2261/2020) was filed under Section 12A of the Insolvency and Bankruptcy Code (I&B Code), 2016, seeking withdrawal of the CIRP after the constitution of the Committee of Creditors (CoC). The Operational Creditor filed Form FA with the RP on 2020-11-25. The CoC approved the withdrawal of the Company Petition in its meeting held on 2020-12-01 with 100% voting share. All payments were deposited with the RP, who distributed them. The RP's fees were also paid.

## Issues and analysis

### Issue 1: Whether IA No. 1947/2020 for revival of the …

**Ratio:** The I&B Code does not provide a direct mechanism for revival of a company that has

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**Reasoning:** The court determined that the I&B Code is not the appropriate legal avenue for

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**Interpretation:** The I&B Code focuses on insolvency resolution and liquidation, not on

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**Application:** The court dismissed IA No. 1947/2020, advising the applicant to pursue other

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## Parties

- **Judges:** Chandra Bha…; JANAB MОНАММED…
- **Appellants:** Duskline Infrastru…
- **Respondents:** Vertex Safety…

## Timeline

- **2019-01-01 — CP (IB) No. 1910/MB/2019…**: Corporate Petition (CP (IB)…
- **2020-11-25 — Form FA…**: The Operational Creditor filed Form FA with…

## 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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