# In the matter of Devi Powers Pvt. Ltd.

> NCLT judgment dated 2024-01-09. Citation: TCN-2024-NCLT-03232. The application was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 9 Jan 2024
- **Citation:** TCN-2024-NCLT-03232
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/devi-powers-pvt-ltd-e0dc0d23

## Summary

### Background

The application was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval for withdrawal of the CIRP of the Corporate Debtor. Vakalatnama was filed by Suspended Directors.

## Facts

Fouress Agro Exports, through its partner Jitendra Kumar, filed an application to withdraw the Corporate Insolvency Resolution Process (CIRP) against Devi Power PV. LTD. The application was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The suspended directors filed a Vakalatnama and had no objection to the application being allowed. The court considered the application and the statement made by the learned counsel for the parties.

## Issues and analysis

### Issue 1: Whether the application for …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the

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**Reasoning:** The court considered the application and the statement made by the learned counsel for

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**Interpretation:** Section 12A provides a mechanism for withdrawing a CIRP application if certain

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**Application:** The court applied Section 12A and Regulation 30A to the facts of the case,

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## Parties

- **Judges:** L. N. G…; Sh. Harnam Singh…
- **Appellants:** Fouress Agro…
- **Respondents:** Devi Power PV.…

## Timeline

- **2024-01-05 — Vakalatnama…**: Vakalatnama filed by Suspended…
- **2024-01-09 — Order Del…**: Order delivered on the…

## 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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