# In the matter of Heaven Textiles Pvt. Ltd.

> NCLT judgment dated 2023-02-20. Citation: TCN-2023-NCLT-04534. The case involves an application (IA/181(AHM)2023) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 20 Feb 2023
- **Citation:** TCN-2023-NCLT-04534
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/heaven-textiles-pvt-ltd-a12d186c

## Summary

### Background

The case involves an application (IA/181(AHM)2023) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 31A of the Insolvency and Bankruptcy Board of India (IBBI) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The Committee of Creditors (CoC) in its meeting dated 03.11.2022 passed a resolution with 100% vote to withdraw the Corporate Insolvency Resolution Process (CIRP).

## Facts

The Interim Resolution Professional (IRP) filed IA/181(AHM)2023 under Section 12A of the IBC, 2016, read with relevant regulations and rules. The Committee of Creditors (CoC) convened on 2022-11-03 and unanimously (100% vote) resolved to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The court took note of this resolution. The CoC's decision to withdraw the CIRP is a crucial fact that influences the court's decision. The corporate debtor was under the rigors of CIRP and moratorium.

## Issues and analysis

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

**Ratio:** Section 12A of the IBC, 2016, read with Regulation 31A of the IBBI Regulations, 2016,

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**Reasoning:** The court reasoned that since the CoC, the primary decision-making body in the CIRP, had

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP, recognizing that

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**Application:** In this case, the CoC's 100% vote to withdraw the CIRP was applied to the

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## Parties

- **Judges:** Madan B.…; Mr.Kaushalendra…
- **Appellants:** Intec Capit…
- **Respondents:** Heaven Textiles…

## Timeline

- **2022-11-03 — CoC Meet…**: The Committee of Creditors (CoC) in its meeting passed a resolution with 100% vote to…
- **2023-02-20 — Order Del…**: The court delivered the order…

## 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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