# In the matter of  Global Poly Bags Industries Pvt. Ltd.

> NCLT judgment dated 2026-01-28. Citation: TCN-2026-NCLT-00146. An application for withdrawal was filed by the applicant on 27.01.2026. The CoC, consisting of…

- **Court:** NCLT
- **Order date:** 28 Jan 2026
- **Citation:** TCN-2026-NCLT-00146
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/global-poly-bags-industries-pvt-ltd-308da6ce

## Summary

### Background

An application for withdrawal was filed by the applicant on 27.01.2026. The CoC, consisting of Financial Creditors, met on 23.01.2026 and approved the withdrawal proposal with 100% voting.

## Facts

The applicant e-filed a withdrawal memo on 27.01.2026.

The CoC met on 23.01.2026 and approved the withdrawal proposal with 100% voting.

The total admitted amount as per the list of creditors of CoC is Rs.234,44,74,015/-.

The Operational Creditor has been settled an amount of USD 1.65 million.

The withdrawal application was permitted, and CIRP was discontinued with immediate effect.

RP was discharged with immediate effect.

Outstanding dues of RP, including CIRP costs, must be paid within a week.

## Issues and analysis

### Issue 1: Whether the withdrawal application should be …

**Ratio:** Section 12A of IBC, 2016 allows

…

**Reasoning:** The CoC approved the

…

**Interpretation:** The tribunal interpreted Section 12A to allow withdrawal when approved by the

…

**Application:** The tribunal applied Section 12A and

…

## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** S. Amare…
- **Respondents:** Global Poly Bags…; SABIC Asia…
- **Other parties:** CoC constituting…
- **Advocates:** Kaushik N…; P.H. Arvindh…; +2 more

## Timeline

- **2026-01-23 — CoC Meet…**: CoC constituting Financial Creditors met and…
- **2026-01-27 — Withdrawal Me…**: Applicant e-filed…

## 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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