# In the matter of Vishvakarma Road Equipment Co. Pvt. Ltd. IA-137(AHM)2021 in C.P. (IB) No. 117-9-NCLT-AHM-2019

> NCLT judgment dated 2021-03-09. Citation: TCN-2021-NCLT-02777. The case involved an application for withdrawal of a Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 9 Mar 2021
- **Citation:** TCN-2021-NCLT-02777
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vishvakarma-road-equipment-co-pvt-ltd-ia-137ahm2021-in-cp-ib-no-117-9-nclt-ahm-2-3141f374

## Summary

### Background

The case involved an application for withdrawal of a Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, as the Operational Creditor had received the claimed amount.

## Facts

The case pertains to IA No. 137 of 2021, which was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016. This application was submitted by the Interim Resolution Professional (IRP) for the withdrawal of the main Company Petition (CP) that had initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Vishvakarma Road Equipment Co Pvt Ltd. During the proceedings, the IRP presented an email from the Operational Creditor, Durga Enterprise, which was included as Annexure C on page 12 of the application. This email explicitly stated that the Operational Creditor had received the full amount claimed from the Corporate Debtor. Consequently, the Operational Creditor instructed the IRP to withdraw the insolvency application,

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## Issues and analysis

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

**Ratio:** Permission for withdrawal of CIRP can be granted under Section 12A of the Insolvency and

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**Reasoning:** The Operational Creditor confirmed receipt of the claimed amount and instructed the IRP

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**Interpretation:** Section 12A allows for the withdrawal of an application admitted under Section

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**Application:** Since the Operational Creditor confirmed payment and requested withdrawal, and

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Nilesh P Ud…
- **Respondents:** Durga Ente…; Vishvakarma Road…
- **Advocates:** For the Applicant:…; Indira Suresh…

## Timeline

- **March 9, 2021 — Hearing and…**: The National Company Law Tribunal, Ahmedabad Bench, heard the application IA No. 137 of…

## 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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