# In the matter of Guman Builders & Developers Pvt. Ltd. MA(IBC) No. 05-JPR-2022 in IA (IBC) No. 355-JPR-2022 in CP No. (IB)- 43-9-JPR-2020

> NCLT judgment dated 2023-04-19. Citation: TCN-2023-NCLT-03728. The case involves a cross-application filed by parties seeking directions for adjudication and…

- **Court:** NCLT
- **Order date:** 19 Apr 2023
- **Citation:** TCN-2023-NCLT-03728
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/guman-builders-developers-pvt-ltd-maibc-no-05-jpr-2022-in-ia-ibc-no-355-jpr-2022-00d8cf99

## Summary

### Background

The case involves a cross-application filed by parties seeking directions for adjudication and disposal of issues related to the Corporate Insolvency Resolution Process (CIRP) of Guman Builders & Developers Private Limited. Canara Bank, a secured creditor, filed a Miscellaneous Application (MA) for withdrawal of the CIRP under Section 12A of the Insolvency and Bankruptcy Code (IBC). Simultaneously, the Interim Resolution Professional (IRP), Lalit Mohan Sharma, filed an Interim Application (IA) seeking directions to the Committee of Creditors (CoC) regarding appointment of a resolution professional and approval of CIRP costs. The CIRP was initiated based on an application under Section 9 of the IBC by Rajesh Kumar Sharma, an operational creditor. The corporate

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## Facts

Rajesh Kumar Sharma, an operational creditor, initiated CIRP against Guman Builders & Developers Private Limited under Section 9 of the IBC. Lalit Mohan Sharma was appointed as the IRP. The IRP constituted a CoC, with Canara Bank and Rajasthan Financial Corporation (RFC) holding a significant voting share (95.78%). The corporate debtor's assets were attached by the ED due to pending CBI cases related to a Syndicate Bank fraud of Rs. 76.61 Crores. Canara Bank, holding 60.98% of the voting share, filed an application for withdrawal of the CIRP under Section 12A of the IBC. The IRP refused to file the withdrawal application, citing Section 12A requires the original applicant (operational creditor) to file. The CoC was reluctant to approve CIRP costs or appoint a

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## Issues and analysis

### Issue 1: Whether the majority voting shareholder can file a withdrawal application under Section 12A of the …

**Ratio:** Section 12A of the IBC stipulates that the 'applicant' can move for withdrawal of the

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**Reasoning:** The NCLT considered the provisions of Section 12A of the IBC and relevant case laws,

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**Interpretation:** Section 12A allows for withdrawal applications, but the interpretation of

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**Application:** In this case, Canara Bank, holding a majority voting share in the CoC, filed

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Rajesh Kumar…
- **Respondents:** Guman Builders &…
- **Advocates:** Alok…; Sonal S…; +3 more

## Timeline

- **2020-09-01 — CP Filed…**: CP No. (IB)- 43/9/JPR/20…
- **2022-04-28 — Admission of Ap…**: Adjudicating Authority admitted the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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