# In the matter of Raghav Industries Limited

> NCLT judgment dated 2026-04-01. Citation: TCN-2026-NCLT-00332. The applicant filed a memo seeking to withdraw the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 1 Apr 2026
- **Citation:** TCN-2026-NCLT-00332
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/raghav-industries-limited-1d9e3af8

## Summary

### Background

The applicant filed a memo seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016.

## Facts

The applicant e-filed a memo on 29.03.2026 seeking to withdraw the CIRP u/s 12A of IBC, 2016.

The CoC unanimously recommended the withdrawal of CIRP on 09.03.2026.

The CIRP withdrawal application IA(I.B.C)/87(CHE)2026 was allowed.

The IRP was discharged with immediate effect.

## Issues and analysis

### Issue 1: Whether the CIRP can be withdrawn based on the application filed under Section 12A of the IBC, 2016 …

**Ratio:** Section 12A of the IBC, 2016 allows for the withdrawal of CIRP with the approval of 90%

…

**Reasoning:** The CoC unanimously recommended the withdrawal, indicating that the necessary conditions

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**Interpretation:** The tribunal interpreted Section 12A to permit the withdrawal of CIRP when the

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**Application:** The tribunal applied Section 12A and allowed the withdrawal of CIRP,

…

## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** S Rajendran IRP…
- **Respondents:** Raghav Industries…
- **Other parties:** S. RAJE…
- **Advocates:** Elama…

## Timeline

- **2026-03-09 — CoC Recomme…**: The Committee of Creditors (CoC)…
- **2026-03-29 — Application for…**: Applicant e-filed a memo seeking to…

## 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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