# In the matter of Jamvant Estates Pvt. Ltd. IA-1031-2022 in (IB)-170(PB)-2019

> NCLT judgment dated 2022-03-23. Citation: TCN-2022-NCLT-03577. The matter pertains to an application for withdrawal of the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 23 Mar 2022
- **Citation:** TCN-2022-NCLT-03577
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jamvant-estates-pvt-ltd-ia-1031-2022-in-ib-170pb-2019-00b30831

## Summary

### Background

The matter pertains to an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The main petition, CP No. IB-170(PB)/2019, was filed, and subsequently, a proposal for withdrawal was submitted in Form FA. The Special Bench had ordered notice to be served on the Financial Creditor. The Resolution Professional (RP) was present during the hearing, but there was no appearance on behalf of the Financial Creditor.

## Facts

Edelweiss Asset Reconstruction Company Pvt. Ltd. filed an application/petition against Jamvant Estates Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP). The main petition was CP No. IB-170(PB)/2019. Subsequently, an application for withdrawal of the CIRP was filed in Form FA, accompanied by a Bank Guarantee, as per Regulation 30A of the IBBI Regulations. Mr. Ashutosh Misra, representing the Financial Creditor, authorized the withdrawal application. The Resolution Professional was present during the hearing, but the Financial Creditor did not appear. The court considered the withdrawal application and the accompanying Bank Guarantee.

## Issues and analysis

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

**Ratio:** Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons)

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**Reasoning:** The court considered the application for withdrawal, noting that it was filed under

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**Interpretation:** Regulation 30A provides a mechanism for withdrawing CIRP if certain conditions

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**Application:** In this case, the application was filed under Regulation 30A, and the required

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## Parties

- **Judges:** Ramalingam…; SH. AVINASH KUMAR…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Jamvant Estates…
- **Advocates:** Apoorv Ag…; Manav G…; +4 more

## Timeline

- **2022-03-03 — Filing of P…**: Mr. Ashutosh Misra, representing the Financial Creditor, filed an application for…
- **2022-03-08 — Hearing by Spec…**: The matter was heard by the Special Bench, and the Resolution Professional stated that…

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