# In the matter of Ebhrahim Essa Developers Pvt. Ltd. IA 1823 & 2342-2022 in C.P. (IB)-978(MB)2019

> NCLT judgment dated 2022-10-04. Citation: TCN-2022-NCLT-00841. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Ebhrahim…

- **Court:** NCLT
- **Order date:** 4 Oct 2022
- **Citation:** TCN-2022-NCLT-00841
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ebhrahim-essa-developers-pvt-ltd-ia-1823-2342-2022-in-cp-ib-978mb2019-6a240806

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Ebhrahim Essa Developers Pvt. Ltd. based on an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was commenced, a moratorium was declared, and an Interim Resolution Professional (IRP) was appointed. Subsequently, an agreement was reached between the parties, and the Operational Creditor, Rooshay Electricals, submitted Form FA. The Committee of Creditors (CoC) approved the withdrawal of the CIRP with 100% voting and resolved to file a 12A application for withdrawal of the CIRP.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Ebhrahim Essa Developers Pvt. Ltd. based on an application under Section 9 of the IBC. The CIRP commenced, a moratorium was declared, and an Interim Resolution Professional (IRP) was appointed. Subsequently, an agreement was executed between the parties, leading the Operational Creditor, Rooshay Electricals, to submit Form FA. The Committee of Creditors (CoC) approved the withdrawal of the CIRP with 100% voting and resolved to file a 12A application for withdrawal of the CIRP. The Resolution Professional affirmed that all the conditions of Section 12A of the IBC had been fulfilled. The NCLT, Mumbai Bench, considered the resolution and the circumstances and allowed the withdrawal of the CIRP. IA

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the Insolvency and …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of

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**Reasoning:** The tribunal considered the resolution passed by the CoC approving the withdrawal of the

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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 approved the withdrawal with 100% voting, and the parties

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Respondents:** Ebhrahim Essa…; Rooshay Electrical…

## Timeline

- **2022-10-04 — Hearing…**: Order sheet of the…
- **2022-04-11 — Order Da…**: Tribunal vide an order dated 11.04.2022 admitted the Petition bearing [C.P.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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