# In the matter of Bhisham Infrastructure Pvt. Ltd. IA-1032-2022 in (IB)-192(PB)-2019

> NCLT judgment dated 2022-03-23. Citation: TCN-2022-NCLT-03588. The case involves Edelweiss Asset Reconstruction Company Pvt. Ltd. as the applicant/petitioner…

- **Court:** NCLT
- **Order date:** 23 Mar 2022
- **Citation:** TCN-2022-NCLT-03588
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhisham-infrastructure-pvt-ltd-ia-1032-2022-in-ib-192pb-2019-f0fac284

## Summary

### Background

The case involves Edelweiss Asset Reconstruction Company Pvt. Ltd. as the applicant/petitioner and Bhisham Infrastructure Pvt. Ltd. as the respondent. The matter pertains to an order under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Resolution Professional proposed withdrawal of the main petition (CP No. IB-192(PB)/2019), which was submitted in Form FA. The Special Bench ordered notice to be served on the Financial Creditor. Mr. Ashutosh Misra, representing the Financial Creditor, filed an application for withdrawal of CIRP under Regulation 30A of the IBBI Regulations 2016.

## Facts

Edelweiss Asset Reconstruction Company Pvt. Ltd. initiated proceedings against Bhisham Infrastructure Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Resolution Professional proposed withdrawal of the main petition (CP No. IB-192(PB)/2019). The Special Bench directed notice to the Financial Creditor. Mr. Ashutosh Misra, representing the Financial Creditor, applied for withdrawal of the CIRP under Regulation 30A of the IBBI Regulations 2016, submitting Form FA with the required Bank Guarantee. The Court Officer reported that nothing had been filed after 03.03.2022. The court allowed the withdrawal application and disposed of the petition.

## Issues and analysis

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

**Ratio:** Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons)

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**Reasoning:** The court considered the application filed by Mr. Ashutosh Misra, the authorized

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**Interpretation:** Regulation 30A provides a mechanism for withdrawing CIRP, recognizing that

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**Application:** In this case, the application for withdrawal was properly filed by the

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash Kumar…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Bhisham Infrastruc…
- **Advocates:** Apoorv Ag…; Manav G…; +4 more

## Timeline

- **2022-03-03 — Filing D…**: Court Officer report states…
- **2022-03-08 — Previous H…**: Matter heard by Special Bench; Resolution Professional stated proposal for withdrawal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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