# In the matter of Manogayan Estates Pvt. Ltd.

> NCLT judgment dated 2022-03-23. Citation: TCN-2022-NCLT-03591. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 23 Mar 2022
- **Citation:** TCN-2022-NCLT-03591
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/manogayan-estates-pvt-ltd-1d9492cf

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated by Edelweiss Asset Reconstruction Company Pvt. Ltd. against Manogyan Estates Pvt. Ltd. The matter was initially heard on 08.03.2022, and the Resolution Professional (RP) submitted a proposal for withdrawal. The Special Bench directed notice to be served on the Financial Creditor. An application for withdrawal of CIRP under Regulation 30A of the IBBI Regulations, 2016, was filed by Mr. Ashutosh Misra, the authorized representative of the Financial Creditor.

## Facts

Edelweiss Asset Reconstruction Company Pvt. Ltd. initiated CIRP against Manogyan Estates Pvt. Ltd. The Resolution Professional proposed withdrawal of the CIRP. The Special Bench directed notice to the Financial Creditor. Mr. Ashutosh Misra, representing the Financial Creditor, applied for withdrawal under Regulation 30A of the IBBI Regulations, supported by a Bank Guarantee. The Court Officer report dated 24.03.2022 states that as per the e-Portal as on date nothing has been filed after 03.03.2022 in this petition. The NCLT allowed the withdrawal and disposed of the case.

## 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 filed by the authorized

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**Interpretation:** Regulation 30A allows for the withdrawal of CIRP if certain conditions are met,

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**Application:** In this case, the Financial Creditor's application, supported by the required

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## Parties

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

## Timeline

- **2022-03-08 — Previous H…**: The matter was last heard by Special Bench, and the Resolution Professional stated the…
- **2022-03-08 — Order for…**: The Special Bench ordered that notice be served on the Financial Creditor to appear and…

## 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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