# In the matter of ARN IOT Solutions Pvt. Ltd.

> NCLT judgment dated 2023-04-24. Citation: TCN-2023-NCLT-03668. The case involves an application (IA No.226 of 2023) filed under Section 12A of the I&B Code,…

- **Court:** NCLT
- **Order date:** 24 Apr 2023
- **Citation:** TCN-2023-NCLT-03668
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/arn-iot-solutions-pvt-ltd-0566b12d

## Summary

### Background

The case involves an application (IA No.226 of 2023) filed under Section 12A of the I&B Code, 2016, read with Regulation 30A(1)(b) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The Adjudicating Authority had previously admitted a petition and initiated CIRP against the Corporate Debtor in CP (IB) No.97/BB/2021 and appointed an Interim Resolution Professional (IRP).

## Facts

The Adjudicating Authority admitted a petition and initiated CIRP against the Corporate Debtor in CP (IB) No.97/BB/2021 on 2022-12-01. The applicant was appointed as the IRP. The IRP constituted a Committee of Creditors (CoC). The CoC, in its first meeting on 2023-01-17, appointed the applicant as the Resolution Professional (RP) with a 100% voting share. The Petitioner and Corporate Debtor reached a settlement on 2023-01-17. The Petitioner submitted Form-FA to the RP, complying with Regulation 30A. The CoC, in its second meeting on 2023-03-18, consented to withdraw the CIRP with a 100% voting share. The application to withdraw the CIRP was filed under Section 12A of the I&B Code, 2016, read with Regulation 30A(1)(b) of the IBBI (Insolvency Resolution Process for

…

## Issues and analysis

### Issue 1: Whether the conditions for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 12A of the I&B Code, 2016, allows for the withdrawal of CIRP if the

…

**Reasoning:** The Adjudicating Authority noted that the Petitioner and Corporate Debtor had reached a

…

**Interpretation:** Section 12A and Regulation 30A provide a mechanism for withdrawing CIRP when a

…

**Application:** In this case, the Petitioner and Corporate Debtor reached a settlement, and the

…

## Parties

- **Judges:** BIDISHA BA…; Manoj Kumar…
- **Appellants:** M/s. TVS Supply…
- **Respondents:** M/s. ARN IOT…
- **Advocates:** Suresh…

## Timeline

- **2022-12-01 — CIRP Init…**: The Adjudicating Authority admitted the petition and initiated CIRP against the Corporate…
- **2023-01-17 — CoC Meeting and…**: The CoC held its first meeting and appointed the applicant as the Resolution Professional…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/arn-iot-solutions-pvt-ltd-0566b12d