# In the matter of Greeta Musical Instruments Manufacturing and Exporters Pvt. Ltd. CP(IB)-283(CHE)-2021

> NCLT judgment dated 2023-03-06. Citation: TCN-2023-NCLT-04305. The case involves an application (IA/405(CHE)/2023) seeking the withdrawal of the Corporate…

- **Court:** NCLT
- **Order date:** 6 Mar 2023
- **Citation:** TCN-2023-NCLT-04305
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/greeta-musical-instruments-manufacturing-and-exporters-pvt-ltd-cpib-283che-2021-3d3835fb

## Summary

### Background

The case involves an application (IA/405(CHE)/2023) seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Greeta Musical Instruments Manufacturing and Exporters Private Limited. The application is based on the consent provided by JJ Fincap Private Limited (Respondent No. 1) and the approval of the Committee of Creditors (CoC).

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Greeta Musical Instruments Manufacturing and Exporters Private Limited. The Committee of Creditors (CoC) held its 6th meeting on 24.02.2023, where they unanimously resolved to withdraw the application admitted under Section 7 of the Insolvency and Bankruptcy Code, 2016. JJ Fincap Private Limited (Respondent No. 1) provided its consent for the withdrawal via email dated 02.03.2023. The Resolution Professional (RP), Mr. L V Shyam Sundar, was authorized to file the necessary applications for withdrawal. Form-A, dated 01.03.2023, was attached, duly signed by the person who initiated CIRP. The application IA/405(CHE)/2023 was filed seeking the withdrawal of the CIRP, discharge of the RP, and

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## Issues and analysis

### Issue 1: Whether the court should allow the withdrawal of the Corporate Insolvency Resolution Process (CIRP) …

**Ratio:** Section 12-A of the Insolvency and Bankruptcy Code allows for the withdrawal of CIRP with

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**Reasoning:** The court considered the averments made in the application, the consent of the CoC, and

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**Interpretation:** Section 12-A provides a mechanism for withdrawing CIRP if the CoC consents,

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**Application:** The court applied Section 12-A to the facts of the case, noting the CoC's

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## Parties

- **Judges:** Ramalingam…; Shri. Samee…
- **Respondents:** Greeta Musical…; JJ Fincap Private…

## Timeline

- **2023-02-24 — 6th CoC M…**: The 6th Committee of Creditors (CoC) meeting was held, where a resolution was passed…
- **2023-03-02 — Consent from Respondent…**: JJ Fincap Private Limited (Respondent No. 1) provided its consent for the withdrawal of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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