# In the matter of KMC Constructions Ltd.

> NCLT judgment dated 2024-11-29. Citation: TCN-2024-NCLT-00121. The case involves an application for the withdrawal of the Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 29 Nov 2024
- **Citation:** TCN-2024-NCLT-00121
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kmc-constructions-ltd-72b80b3a

## Summary

### Background

The case involves an application for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, VS KMC Constructions Ltd. The Interim Resolution Professional (IRP) has filed a memo containing the list of Financial Creditors who have conveyed their 'no objection' for the withdrawal of the CIRP.

## Facts

The Interim Resolution Professional (IRP) filed a memo containing the list of Financial Creditors who have conveyed their 'no objection' for the withdrawal of the CIRP. The instant application has been moved for the withdrawal of the CIRP against the Corporate Debtor, VS KMC Constructions Ltd. The application meets all the statutory requirements.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP against the Corporate Debtor meets all the …

**Ratio:** The legal principle is that an application for withdrawal of CIRP can be approved if it

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**Reasoning:** The court reasoned that the application was in compliance with the statutory requirements

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**Interpretation:** The interpretation is that the statutory requirements for withdrawal of CIRP

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**Application:** In this case, the court found that the application met all the statutory

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Respondents:** VS KMC Constructio…

## Timeline

- **2024-11-29 — Hearing…**: Hearing of National Company Law Tribunal,…
- **2024-11-26 — IRP Fili…**: As per the order dated 26.11.2024, the IRP has filed a memo containing the list of…

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