# In the matter of Jagat Realcon Pvt. Ltd. IA-3171-2023 in IB-301(ND)-2020

> NCLT judgment dated 2023-06-09. Citation: TCN-2023-NCLT-03024. The application IA-3171/2023 was filed by the Interim Resolution Professional (IRP) seeking…

- **Court:** NCLT
- **Order date:** 9 Jun 2023
- **Citation:** TCN-2023-NCLT-03024
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jagat-realcon-pvt-ltd-ia-3171-2023-in-ib-301nd-2020-089e027c

## Summary

### Background

The application IA-3171/2023 was filed by the Interim Resolution Professional (IRP) seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The Committee of Creditors (CoC) in its meeting held on 18.05.2023 passed a resolution with 100% voting approving the proposal for withdrawal of the petition CP (IB)-301(ND)/2020 under Section 12A read with Regulation 30A of the IBBI (Corporate Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

## Facts

M/s Jagatjit Industries Ltd. filed an application under Section 9 of the IBC code 2016, initiating Corporate Insolvency Resolution Process (CIRP) against M/s Jagat Realcon Pvt Ltd. The Interim Resolution Professional (IRP) filed an application (IA-3171/2023) seeking withdrawal of the main matter CP (IB)-301(ND)/2020. The Committee of Creditors (CoC) in its meeting dated 18.05.2023 passed a resolution with 100% voting for approving the proposal for withdrawal of the petition CP (IB)-301(ND)/2020 under Section 12A read with Regulation 30A of the IBBI (Corporate Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The IRP's counsel submitted this to the court.

## Issues and analysis

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

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of an

…

**Reasoning:** The court considered the submission of the counsel for the IRP, noting that the CoC had

…

**Interpretation:** Section 12A of the IBC, read with Regulation 30A of the IBBI Regulations,

…

**Application:** In this case, the CoC approved the withdrawal with 100% voting, satisfying the

…

## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** M/s Jagatjit…
- **Respondents:** M/s Jagat Realcon…
- **Advocates:** Atul Bh…; Lovneet…

## Timeline

- **2023-05-18 — CoC Meet…**: The Committee of Creditors (CoC) passed a resolution with 100% voting for approving the…
- **2023-06-09 — Order Del…**: The NCLT delivered an order allowing the withdrawal of the petition CP (IB)-301(ND)/2020…

## 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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