# In the matter of GMP Technical Solutions Pvt. Ltd.

> NCLT judgment dated 2022-07-20. Citation: TCN-2022-NCLT-01645. The case involves an application filed by the Interim Resolution Professional (IRP) of the…

- **Court:** NCLT
- **Order date:** 20 Jul 2022
- **Citation:** TCN-2022-NCLT-01645
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gmp-technical-solutions-pvt-ltd-ffc21631

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) of the Corporate Debtor, GMP Technical Solutions Pvt Ltd, seeking withdrawal of the main Company Petition bearing CP (IB) No. 827 of 2019. The IRP highlighted that the Committee of Creditors was not constituted, and the Corporate Insolvency Resolution Process (CIRP) costs and IRP fees have been paid by the Applicant. The Operational Creditor signed Form FA dated 08.07.2022, indicating their consent. The Corporate Debtor has amicably settled the issue involved in the main Company Petition, and the parties have entered into consent terms dated 18.06.2022.

## Facts

The Interim Resolution Professional (IRP) of GMP Technical Solutions Pvt Ltd filed an application to withdraw the main Company Petition (CP (IB) No. 827 of 2019). The IRP highlighted that the Committee of Creditors was not constituted. The Corporate Insolvency Resolution Process (CIRP) costs and IRP fees were paid by the applicant. The Operational Creditor signed Form FA dated 08.07.2022, consenting to the withdrawal. The Corporate Debtor and the parties involved had amicably settled the issue and entered into consent terms dated 18.06.2022. These facts were crucial for the court's decision to allow the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main Company Petition CP (IB) No. 827 of 2019 should …

**Ratio:** An application for withdrawal can be allowed if the Committee of Creditors has not been

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**Reasoning:** The court reasoned that since the Committee of Creditors was not constituted, the CIRP

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**Interpretation:** This interprets the provisions of the IBC and its regulations to allow for

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**Application:** The ratio and reasoning were applied to the facts of the case, where the

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## Parties

- **Judges:** SH. SHYAM BABU…; P.N. Des…
- **Appellants:** Newage Fire…
- **Respondents:** GMP Technical…

## Timeline

- **2019-01-01 — Filing of Company…**: Main Company Petition bearing CP…
- **2022-06-18 — Consent…**: Parties entered into…

## 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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