# In the matter of Dwarkadhis Projects Pvt. Ltd. IA-3563-2022 in (IB)-369(ND)2019

> NCLT judgment dated 2022-07-27. Citation: TCN-2022-NCLT-01557. The case involves an application IA-3563/2022 filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 27 Jul 2022
- **Citation:** TCN-2022-NCLT-01557
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dwarkadhis-projects-pvt-ltd-ia-3563-2022-in-ib-369nd2019-325ffa53

## Summary

### Background

The case involves an application IA-3563/2022 filed by the Interim Resolution Professional (IRP) under Section 12A with Regulation 30A of IBBI Regulations 2016. The IRP's counsel submits that no Committee of Creditors (COC) has been formed, and all IRP dues have been paid. The Financial Creditor has signed Form FA, which is placed at page 35 of the application.

## Facts

M/s. Devyog Solutions Pvt. Ltd. filed an application against M/s. Dwarkadhis Projects Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Interim Resolution Professional (IRP) filed IA-3563/2022 under Section 12A with Regulation 30A of IBBI Regulations 2016. No Committee of Creditors (COC) was formed, and all dues of the IRP were paid. The Financial Creditor signed Form FA. The applicant sought withdrawal of the application, which was permitted by the court. Consequently, the main petition (IB)-369(ND)2019 was dismissed as withdrawn, freeing the Corporate Debtor from CIRP, and discharging the IRP.

## Issues and analysis

### Issue 1: Whether the application IA-3563/2022 filed by the IRP under Section 12A with Regulation 30A of IBBI …

**Ratio:** Section 12A of the IBC allows for the withdrawal of an application admitted under Section

…

**Reasoning:** The court considered the submission of the IRP's counsel that no COC was formed and all

…

**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP applications under

…

**Application:** Since no COC was formed and the Financial Creditor consented, the withdrawal

…

## Parties

- **Judges:** SHRI. DHARMINDER…; Shri. L. N.…
- **Appellants:** M/s. Devyog…
- **Respondents:** M/s. Dwarkadhis…

## Timeline

- **2016-01-01 — Enactment…**: The Insolvency and…
- **2022-07-27 — Order Del…**: Order delivered on 27.07.2022, dismissing 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)

---

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/dwarkadhis-projects-pvt-ltd-ia-3563-2022-in-ib-369nd2019-325ffa53