# In the matter of Emm Vee Infrastructure (India) Ltd. IA No. 358-2020, IA No. 73-2022 in CP (IB) No. 41-ALD-2019

> NCLT judgment dated 2022-03-29. Citation: TCN-2022-NCLT-03496. The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against the…

- **Court:** NCLT
- **Order date:** 29 Mar 2022
- **Citation:** TCN-2022-NCLT-03496
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/emm-vee-infrastructure-india-ltd-ia-no-358-2020-ia-no-73-2022-in-cp-ib-no-41-ald-73d44539

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The CIRP was initiated vide order dated 13.10.2020. Subsequently, the suspended management of the corporate debtor and the financial creditors entered into a settlement, culminating in the submission of Form A dated 25.02.2022 to the Resolution Professional (RP). The Committee of Creditors (CoC) was constituted, and Form FA was placed at the 6th CoC meeting on 03.03.2022 for consideration. The CoC approved the proposal for withdrawal of the CIRP with a 98% voting share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 13.10.2020. Following the initiation of CIRP, the suspended management and financial creditors reached a settlement, submitting Form A on 25.02.2022. The Resolution Professional (RP) presented Form FA at the 6th Committee of Creditors (CoC) meeting on 03.03.2022. The CoC approved the withdrawal of CIRP with 98% voting share. The RP confirmed that all fees and expenses were paid. The RP then filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking closure of the CIRP. The relevance of these facts is that they demonstrate the process followed for initiating and then seeking to withdraw the CIRP, highlighting the settlement between the

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## Issues and analysis

### Issue 1: Whether the application filed by the RP under Section 12A of the Insolvency and Bankruptcy Code, …

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

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**Reasoning:** The court reasoned that the CoC had approved the withdrawal of the CIRP with a 98% voting

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**Interpretation:** Section 12A and Regulation 30A are interpreted to allow for the closure of CIRP

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**Application:** In this case, the CoC's approval with a 98% voting share and the RP's

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Respondents:** EMM VEE INFRASTRUC…; Emm Vee Infrastruc…

## Timeline

- **2020-10-13 — CIRP Init…**: CIRP initiated against…
- **2022-02-25 — Submission of…**: Suspended management and financial…

## 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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