# In the matter of Garlico Industries Ltd. IA-87(MP)2022 in TP 99 of 2019

> NCLT judgment dated 2022-06-02. Citation: TCN-2022-NCLT-02478. The case involves an application (IA/87(MP)2022) filed under Section 12A of the Insolvency and…

- **Court:** NCLT
- **Order date:** 2 Jun 2022
- **Citation:** TCN-2022-NCLT-02478
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/garlico-industries-ltd-ia-87mp2022-in-tp-99-of-2019-ad3ebdae

## Summary

### Background

The case involves an application (IA/87(MP)2022) filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor, Garlico Industries Limited. The Committee of Creditors (CoC) resolved in its meeting dated 18.04.2022, with 100% votes, to file an application for the withdrawal of the CIRP.

## Facts

ICICI Bank Ltd, through its Resolution Professional (RP) Subhash Chandra Modi, filed an application to withdraw the CIRP against Garlico Industries Ltd. The CoC of Garlico Industries Ltd. met on 18.04.2022 and resolved with 100% votes to file an application for the withdrawal of the CIRP. The CIRP was initially initiated vide CP(IB) 641 of 2019 dated 03.12.2021. The application for withdrawal is based on Section 12A of the IBC, 2016. The relevance of these facts lies in the court's decision to allow the withdrawal of the CIRP, effectively closing the insolvency proceedings against the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the IBC, 2016, should be …

**Ratio:** Section 12A of the IBC, 2016, allows for the withdrawal of CIRP with the approval of 90%

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**Reasoning:** The court considered the submission of the learned counsel for the applicant that the CoC

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**Interpretation:** Section 12A provides a mechanism for the CoC to withdraw a CIRP if it is deemed

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**Application:** In this case, the CoC's resolution with 100% voting share satisfied the

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** ICICI Ban…
- **Respondents:** Garlico Industries…

## Timeline

- **2019-01-01 — TP 99 of…**: Reference to TP 99 of…
- **2021-12-03 — Initiation…**: CIRP initiated against Garlico…

## 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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