# In the matter of A.A Auctioneersn and Contractors Pvt. Ltd. IA 783-2023 in C.P. (IB)-336(MB)2020

> NCLT judgment dated 2023-03-02. Citation: TCN-2023-NCLT-04396. The Interim Resolution Professional (IRP) filed an application under Section 12A of the…

- **Court:** NCLT
- **Order date:** 2 Mar 2023
- **Citation:** TCN-2023-NCLT-04396
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aa-auctioneersn-and-contractors-pvt-ltd-ia-783-2023-in-cp-ib-336mb2020-c05e4bf3

## Summary

### Background

The Interim Resolution Professional (IRP) filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) and the Company Petition, as the operational creditor had received full payment.

## Facts

The Interim Resolution Professional (IRP) filed IA-783/2023 under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) and the Company Petition C.P. (IB)/336(MB)2020. The application was taken up for hearing on March 2, 2023, via video conference, but neither counsel nor the applicant/IRP were present. The Bench proceeded to peruse the application. The Company Petition was admitted by the Bench, and CIRP was initiated through an order dated January 27, 2023. Following the admission order, the Interim Resolution Professional published Form-A on February 6, 2023, to invite claims, with the last date for submission of claims being February 17, 2023. After the petition's admission, the operational

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) can be withdrawn under Section 12A of …

**Ratio:** The NCLT has the inherent power under Rule 11 of the NCLT Rules, 2016, to allow the

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**Reasoning:** The NCLT reasoned that since the operational creditor had received full payment and no

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**Interpretation:** The court interpreted Section 12A of the Code and Regulation 30A of the

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**Application:** Given that the operational creditor received full payment and no claims were

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Respondents:** Whiteland…; A A Auctioneers…; +2 more

## Timeline

- **January 27, 2023 — CIRP init…**: The Company Petition was admitted by the Bench, and the Corporate Insolvency Resolution…
- **February 6, 2023 — Form-A pub…**: The Interim Resolution Professional…

## 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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