# In the matter of DDK Infratech Private Limited

> NCLT judgment dated 2023-10-12. Citation: TCN-2023-NCLT-01275. The case involves an application (IA 4548/2023) filed by the Debenture holders under Section…

- **Court:** NCLT
- **Order date:** 12 Oct 2023
- **Citation:** TCN-2023-NCLT-01275
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ddk-infratech-private-limited-fd5a2584

## Summary

### Background

The case involves an application (IA 4548/2023) filed by the Debenture holders under Section 12A read with Regulations, 30A for withdrawal of the CIRP regulation through withdrawing the CP before constitution of COC. Another application filed by the Debenture Trustee is pending before Court Room No. V of this Tribunal in CP 860/2020, which was disposed of with liberty to revive the same as this CP is already admitted.

## Facts

The Debenture holders filed an application (IA 4548/2023) under Section 12A and Regulations 30A to withdraw the Corporate Insolvency Resolution Process (CIRP) before the constitution of the Committee of Creditors (COC). Another application by the Debenture Trustee was pending in CP 860/2020, which had been disposed of but with the liberty to revive it. The application IA 4548/2023 evidenced separate applications to all five financial creditors. The court heard the Interim Resolution Professional (IRP) and the Counsel for the Corporate Debtor (CD). The court allowed the application for withdrawal. IA 4584 was allowed and disposed of, and CP 1306/2022 was also disposed of, along with any related interlocutory applications.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of …

**Ratio:** Section 12A of the IBC and Regulations 30A allow for the withdrawal of CIRP under certain

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**Reasoning:** The court considered the circumstances, including the pending application by the

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**Interpretation:** Section 12A and Regulations 30A provide a mechanism for withdrawing CIRP,

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**Application:** Given the circumstances and having heard the relevant parties, the court found

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## Parties

- **Judges:** SANJIV…; K. R. SAJI…
- **Respondents:** DDK Infratech…

## Timeline

- **2023-10-12 — Order Sheet of…**: Order sheet of hearing dated 12.10.2023…

## 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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