# In the matter of Wioska Mouldings Pvt. Ltd. (IB)-758-(PB)-2018

> NCLT judgment dated 2018-10-25. Citation: TCN-2018-NCLT-00493. The case involves an application filed under Section 12(A) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 25 Oct 2018
- **Citation:** TCN-2018-NCLT-00493
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/wioska-mouldings-pvt-ltd-ib-758-pb-2018-b57ef131

## Summary

### Background

The case involves an application filed under Section 12(A) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30(A) of the IBBI (CIRP) Regulations, 2016, by the Resolution Professional (RP). Noble Co-Operative Bank Ltd., the financial creditor, had initially filed an application under Section 7 of the Code, which was admitted. Subsequently, the financial creditor submitted an application for withdrawal of the CIRP under Section 12(A), which was then placed before the Committee of Creditors (CoC).

## Facts

Noble Co-Operative Bank Ltd. initiated CIRP against Wioska Mouldings Pvt. Ltd. by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, which was admitted on 2018-09-12. Subsequently, Noble Co-Operative Bank Ltd. sought to withdraw the CIRP by filing an application under Section 12(A) of the IBC read with Regulation 30(A) of the IBBI (CIRP) Regulations, 2016. The Committee of Creditors (CoC) unanimously approved the withdrawal request in its meeting held on 2018-10-17. The IRP then filed an application before the NCLT for withdrawal of the CIRP. The minutes of the CoC meeting were placed on record. The CIRP process cost had been paid.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12(A) of the Insolvency and …

**Ratio:** Section 12(A) of the IBC, as amended, allows for the withdrawal of the CIRP even after

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**Reasoning:** The court reasoned that the amendment incorporating Section 12(A) provides a mechanism

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**Interpretation:** Section 12(A) is interpreted to provide a window for the withdrawal of CIRP

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**Application:** In this case, the financial creditor, Noble Co-Operative Bank Ltd., applied for

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## Parties

- **Judges:** M. M. K…; S.K. МОНА…
- **Appellants:** Noble Co-operative…
- **Respondents:** Wioska Mouldings…

## Timeline

- **2018-07-25 — Section 7 Application…**: Noble Co-Operative Bank Ltd. filed an…
- **2018-09-12 — Section 7 Application…**: The application filed under…

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