# In the matter of Kakateeya Fabs Private Limited I.A. No. 63-2022 in CP 63-9-AMR-2020

> NCLT judgment dated 2022-03-03. Citation: TCN-2022-NCLT-03905. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 3 Mar 2022
- **Citation:** TCN-2022-NCLT-03905
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kakateeya-fabs-private-limited-ia-no-63-2022-in-cp-63-9-amr-2020-0c3f0ac1

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30-A of the Insolvency and Bankruptcy Code (Corporate Insolvency Resolution Process) Regulations, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Kaakateeya Fabs Private Limited. The CIRP was initially admitted by the Tribunal on 2021-12-14.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Kaakateeya Fabs Private Limited. The CIRP was admitted by the Tribunal on 2021-12-14. Subsequently, an application (I.A No.23/2022) was filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the CIRP. The IRP stated that complete fees were received and Form-FA was filed. The application for withdrawal was made before the constitution of the committee. The relevance of these facts is that they satisfy the conditions for withdrawal under Section 12A of the IBC and Regulation 30-A of the CIRP Regulations.

## 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, 2016, allows for the withdrawal of an

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**Reasoning:** The court reasoned that the IRP had filed an application for withdrawal (I.A No.23/2022)

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**Interpretation:** Section 12A provides a window for applicants to withdraw their CIRP

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**Application:** In this case, the IRP's application for withdrawal was made before the

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Bharat Heavy…
- **Respondents:** Kaakateeya Fabs…

## Timeline

- **2021-12-14 — Admission o…**: The Tribunal admitted the Corporate Insolvency Resolution Process (CIRP) against M/s.…
- **2022-03-03 — Order on Withdrawal…**: The Tribunal allowed the application (I.A No.23/2022) for withdrawal of the CIRP and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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