# 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-03590. The matter pertains to an application for withdrawal of the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 23 Mar 2022
- **Citation:** TCN-2022-NCLT-03590
- **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-2019-6ab394d9

## 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's counsel was present, but no one appeared for the Financial Creditor. The Court Officer's report indicated that nothing had been filed after 03.03.2022.

## 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. The Resolution Professional submitted a proposal for withdrawal of the main petition, CP No. IB-170(PB)/2019, in Form FA. The Special Bench ordered notice to be served on the Financial Creditor. Mr. Ashutosh Misra, representing the Financial Creditor, filed an application for withdrawal of CIRP under Regulation 30A of the IBBI Regulations, accompanied by a Bank Guarantee. The Court Officer's report indicated that nothing had been filed after 03.03.2022. The Financial Creditor did not appear in court. The court allowed the withdrawal application and disposed of the main petition.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Regulation 30A of the IBBI (Insolvency …

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

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**Reasoning:** The court considered the application filed by Mr. Ashutosh Misra, the authorized

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**Interpretation:** Regulation 30A provides a mechanism for withdrawing CIRP if the necessary

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**Application:** In this case, the application for withdrawal was properly filed with the

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash Kumar…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Jamvant Estates…

## Timeline

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

## 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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