# In the matter of Ebullient Cables Pvt. Ltd.

> NCLT judgment dated 2024-03-01. Citation: TCN-2024-NCLT-02249. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 1 Mar 2024
- **Citation:** TCN-2024-NCLT-02249
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ebullient-cables-pvt-ltd-322f5144

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of a corporate insolvency resolution process (CIRP) initiated under Section 9. The Interim Resolution Professional (IRP) received Form FA, indicating the operational creditor's intent to withdraw the petition before the constitution of the Committee of Creditors (CoC). The IRP had taken steps to make public announcements and call for claims from creditors, but no claims were received before the withdrawal request.

## Facts

An application was filed under Section 12A of the IBC for withdrawal of the main company petition under Section 9. The IRP received Form FA indicating the operational creditor's intent to withdraw the petition before the constitution of the CoC. The IRP had initiated steps to make public announcements and call for claims from creditors. The total CIRP cost, including fees amounting to Rs. 1,18,000/-, was paid through NEFT. The Corporate Debtor is M/s Ebullient Cables Pvt. Ltd. The order for initiation of CIRP was passed on 2024-02-14. The IRP was Sh. Satyendra Sharma.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the IBC is maintainable …

**Ratio:** Regulation 30A of the IBBI (Resolution Process for Corporate Persons) Regulations, 2016,

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**Reasoning:** The court found that the application fulfilled all requirements of Regulation 30A of the

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**Interpretation:** Regulation 30A provides a mechanism for withdrawal of CIRP applications before

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**Application:** The court applied Regulation 30A to the facts of the case, noting that the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Respondents:** Ebullient Cables…

## Timeline

- **2024-02-14 — Order for Initiation of…**: Order for initiation of CIRP was passed…
- **2024-02-27 — Form FA Receiv…**: Form FA was received by the IRP before the constitution of CoC, informing about…

## 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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