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

> NCLT judgment dated 2020-01-20. Citation: TCN-2020-NCLT-02280. 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-02280
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/victronics-communications-private-limited-ib-2241nd2019-9c253884

## 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 to withdraw the insolvency application (IB/2241(ND)2019). The Committee of Creditors (COC) approved the withdrawal with a 99.16% voting share during their meeting on 15.01.2020. The IRP's counsel confirmed that all dues to the IRP had been paid. The application for withdrawal was made by the Operational Creditor, Mr. Harvinder Singh Luthra. The relevance of these facts is that they demonstrate the process followed for withdrawing an insolvency application and the approval required from the COC.

## 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, which exceeded the

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**Interpretation:** Section 12(A) is interpreted to mean that if the COC approves the withdrawal of

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**Application:** In this case, the COC approved the withdrawal with a 99.16% vote, and the IRP

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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 withdrawal…
- **2020-01-20 — Order Da…**: The National Company Law Tribunal (NCLT) passed the order allowing the withdrawal of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12(a) — Time-limit for completion of insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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