# In the matter of Bhaskar Foods Pvt. Ltd.

> NCLT judgment dated 2023-08-17. Citation: TCN-2023-NCLT-02014. The Resolution Professional (RP) filed an application under Section 12A of the Insolvency and…

- **Court:** NCLT
- **Order date:** 17 Aug 2023
- **Citation:** TCN-2023-NCLT-02014
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhaskar-foods-pvt-ltd-5e05e57a

## Summary

### Background

The Resolution Professional (RP) filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking permission to withdraw the ongoing Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Bhaskar Foods Pvt Ltd. The CIRP was initiated based on an application under Section 9 of the IBC, which was admitted on August 25, 2022.

## Facts

An application was filed by the Resolution Professional (RP) under Section 12A of the IBC, 2016, seeking permission to withdraw the Corporate Insolvency Resolution Process (CIRP) against Bhaskar Foods Pvt Ltd. The CIRP was initiated based on an application under Section 9 of the IBC, admitted on August 25, 2022. The Committee of Creditors (CoC) consists of two members: M/s Agarwal Coal Depot and M/s Oriental Coal Corporation, with the latter being the original applicant under Section 9. The CoC voted with 100% consensus to withdraw the CIRP. A settlement was reached with the two operational creditors, who are also the members of the CoC, and payments were made to them. The RP requested the court to allow the withdrawal application, leading to the termination of the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP against Bhaskar Foods Pvt Ltd, as requested by …

**Ratio:** Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI Regulations, allows

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**Reasoning:** The court reasoned that the CoC, consisting of all creditors, voted unanimously (100%) to

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP if the CoC approves it,

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**Application:** In this case, the CoC voted unanimously to withdraw the CIRP, and a settlement

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; KAUSHALENDRA…
- **Appellants:** CA Sambhu Lal…
- **Respondents:** Bhaskar Foods Pvt…; Oriental Coal…

## Timeline

- **2022-08-25 — CIRP Init…**: An application under Section 9 of the IBC, 2016 was admitted for initiation of the CIRP…
- **2023-08-17 — Order Del…**: The court delivered an order allowing the application for withdrawal of the CIRP, thereby…

## 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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