# In the matter of Geoshine Mines 2 Metals Ltd.

> NCLT judgment dated 2023-11-21. Citation: TCN-2023-NCLT-00678. The case involves an application filed by the Resolution Professional (RP) under Section 12A of…

- **Court:** NCLT
- **Order date:** 21 Nov 2023
- **Citation:** TCN-2023-NCLT-00678
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/geoshine-mines-2-metals-ltd-88584faa

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Geoshine Mines 2 Metals Limited. The application is based on the lack of traceable assets of the Corporate Debtor and the approval of the Committee of Creditors (CoC) to withdraw the CIRP. The CoC resolution was passed with 100% voting in favor of withdrawal.

## Facts

The Resolution Professional (RP) filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against Geoshine Mines 2 Metals Limited. The application was supported by a resolution passed by the Committee of Creditors (CoC) with 100% voting in favor of the withdrawal. The CoC's decision was influenced by the fact that the Corporate Debtor had no traceable assets. The RP also agreed to forgo the CIRP costs and fees. The agenda for withdrawal was discussed in the 5th CoC meeting held on August 14, 2023. The RP agreed with the COC to consider for withdrawal under Section 12A of IBC-2016. The RP stated that continuation of CIRP would be an additional burden on the COC without any

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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, read with Regulation 30A of the

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**Reasoning:** The court reasoned that the Corporate Debtor had no traceable assets, and the Committee

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP proceedings when

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**Application:** The court applied Section 12A and Regulation 30A to the facts of the case,

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Govind Ram…
- **Respondents:** Geoshine Mines 2…

## Timeline

- **2023-08-14 — 5th CoC M…**: The agenda regarding the withdrawal of CIRP against the Corporate Debtor was taken up in…
- **2023-11-10 — Order Da…**: The RP was directed to remain present in order to verify above CIRP cost as well as his…

## 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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