# In the matter of Victronics Communications Private Limited (IB)-2241(ND)2019

> NCLT judgment dated 2020-01-20. Citation: TCN-2020-NCLT-02278. CA-533 of 2020 is an application filed by the Interim Resolution Professional (IRP) under…

- **Court:** NCLT
- **Order date:** 20 Jan 2020
- **Citation:** TCN-2020-NCLT-02278
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/victronics-communications-private-limited-ib-2241nd2019-18c5a5cc

## Summary

### Background

CA-533 of 2020 is an application filed by the Interim Resolution Professional (IRP) under Section 12(A) of the Insolvency and Bankruptcy Code (IBC) seeking withdrawal of the Insolvency Application IB/2241(ND)2019. The Committee of Creditors (COC) deliberated on the issue of withdrawal of the application by the Operational Creditor in its first meeting held on 15.01.2020.

## Facts

The Interim Resolution Professional (IRP) filed an application (CA-533 of 2020) under Section 12(A) of the IBC seeking withdrawal of the Insolvency Application IB/2241(ND)2019. The Committee of Creditors (COC) deliberated on the issue of withdrawal in its first meeting held on 15.01.2020. The COC approved the withdrawal with a 99.16% voting share. The IRP has been paid his dues. The Operational Creditor, Mr. Harvinder Singh Luthra, sought to withdraw the IB Application. The court considered the submissions and documents on record.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Insolvency Application IB/2241(ND)2019 should be …

**Ratio:** Section 12(A) of the IBC allows for the withdrawal of an application admitted under

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**Reasoning:** The court considered the COC's approval with a 99.16% voting share, indicating

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**Interpretation:** Section 12(A) provides a mechanism for withdrawing an insolvency application

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**Application:** In this case, the COC's overwhelming approval (99.16%) satisfied the

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## Parties

- **Judges:** L. N. G…; DEEPTI M…
- **Respondents:** Victronics…; Saurabh…

## Timeline

- **2020-01-15 — COC Meet…**: The Committee of Creditors (COC) held its first meeting and deliberated on the issue of…
- **2020-01-20 — Hearing…**: Hearing before the New Delhi Bench of…

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