# In the matter of Eldeco Infrastructure and Properties Ltd.

> NCLT judgment dated 2023-02-15. Citation: TCN-2023-NCLT-04592. The present application was filed by the Interim Resolution Professional (IRP) for the…

- **Court:** NCLT
- **Order date:** 15 Feb 2023
- **Citation:** TCN-2023-NCLT-04592
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/eldeco-infrastructure-and-properties-ltd-1994ae6c

## Summary

### Background

The present application was filed by the Interim Resolution Professional (IRP) for the Corporate Debtor, which is undergoing the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), read with Regulation 30A of the CIRP Regulations, 2016. The application seeks approval for the withdrawal of the CIRP. Form A has been submitted by the Operational Creditor along with a Settlement Agreement. The Corporate Debtor was admitted into CIRP on 2023-02-10. No Committee of Creditors (CoC) has been constituted, and no effective proceedings have taken place. The IRP's fees and other charges have been fully received.

## Facts

Ramesth Construction Pvt. Ltd. initiated CIRP against Eldeco Infrastructure and Properties. The Corporate Debtor, Eldeco Infrastructure and Properties, was admitted into CIRP on 2023-02-10. The IRP filed an application (IA No.419/2023) to withdraw the CIRP under Section 12A of the IBC, read with Regulation 30A of the CIRP Regulations, 2016, due to a settlement reached with the Operational Creditor. Form A and a Settlement Agreement were submitted. No CoC was constituted, and no effective proceedings occurred. The IRP's fees were fully paid. The court allowed the withdrawal, lifted the moratorium, discharged the Corporate Debtor, discharged the IRP, and restored the board of Directors.

## 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 court considered that no CoC had been constituted and no effective proceedings had

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**Interpretation:** Section 12A and Regulation 30A provide a mechanism for withdrawing CIRP when a

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**Application:** Since no CoC was formed and a settlement was reached, the court applied Section

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Ramesth Constructi…
- **Respondents:** Eldeco Infrastruct…

## Timeline

- **2023-02-10 — Admission in…**: The Corporate Debtor, Eldeco Infrastructure…
- **2023-02-15 — Order for Withdrawal of…**: The court allowed IA No.419/2023, leading to the withdrawal of the CIRP. The moratorium…

## 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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