# In the matter of West Bengal Mineral Development & Trading Corporation Limited CA(IB)No. 910 & 940-KB-2018 in CP(IB)No.798-KB-2018

> NCLT judgment dated 2018-10-12. Citation: TCN-2018-NCLT-00590. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 12 Oct 2018
- **Citation:** TCN-2018-NCLT-00590
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/west-bengal-mineral-development-trading-corporation-limited-caibno-910-940-kb-20-991f1d8c

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, initiated by Hiranmaye Energy Limited (Operational Creditor) against West Bengal Mineral Development & Trading Corporation Limited (Corporate Debtor). The Operational Creditor filed CA(IB)No.910/KB/2018 and CP(IB)No.798/KB/2018. Subsequently, the Corporate Debtor paid the entire amount claimed by the Operational Creditor after the admission of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor then requested the withdrawal of the Corporate Insolvency Petition (CP).

## Facts

Hiranmaye Energy Limited, the Operational Creditor, initiated insolvency proceedings against West Bengal Mineral Development & Trading Corporation Limited, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The case was registered as CA(IB)No.910/KB/2018 and CP(IB)No.798/KB/2018. After the Corporate Insolvency Resolution Process (CIRP) was admitted, the Corporate Debtor paid the entire amount claimed by the Operational Creditor. The Operational Creditor then requested the Resolution Professional (RP) to withdraw the Corporate Insolvency Petition (CP). The Government of West Bengal, being the sole Financial Creditor with 100% voting share in the Committee of Creditors (CoC), approved the withdrawal of the CP in a meeting held on

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the withdrawal of the Corporate Insolvency Petition …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code confers jurisdiction on the

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**Reasoning:** The court reasoned that Section 12A of the IBC explicitly allows for the withdrawal of a

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**Interpretation:** Section 12A is interpreted to mean that once the CoC, with the requisite

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**Application:** In this case, the Government of West Bengal, holding 100% of the voting share

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## Parties

- **Judges:** Madan B.…
- **Appellants:** HIRANMAYE ENERGY…
- **Respondents:** West Bengal…

## Timeline

- **2018-10-01 — Operational Creditor…**: The Operational Creditor, via a letter dated October 1, 2018, informed the Resolution…
- **2018-10-07 — CoC Meet…**: The Committee of Creditors (CoC), i.e., the Government of West Bengal, held a meeting on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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