# In the matter of Heaven Textiles Pvt. Ltd.

> NCLT judgment dated 2023-02-20. Citation: TCN-2023-NCLT-04523. 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-04523
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/heaven-textiles-pvt-ltd-a560030d

## 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. The Committee of Creditors (CoC) convened on 03.11.2022 and unanimously (100% vote) resolved to withdraw the Corporate Insolvency Resolution Process (CIRP). The court acknowledged this resolution. The corporate debtor is INTEC Capital Ltd. The applicant sought withdrawal of CIRP. The court heard the counsel for the applicant and perused the record.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP should be allowed given the 100% vote in favor …

**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 had passed a resolution with a 100% vote to

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**Interpretation:** Section 12A provides a mechanism for the CoC to withdraw CIRP if it deems fit,

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**Application:** In this case, the CoC's unanimous decision to withdraw the CIRP was applied to

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## Parties

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

## Timeline

- **2022-11-03 — CoC Meet…**: The CoC in its meeting passed a resolution…
- **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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