# In the matter of Mansarovar Heritage INN Pvt. Ltd. (IB)-1289(PB)-2018

> NCLT judgment dated 2022-03-30. Citation: TCN-2022-NCLT-03477. The case involves an application for withdrawal of a Company Petition (IB) No. 1289 of 2018…

- **Court:** NCLT
- **Order date:** 30 Mar 2022
- **Citation:** TCN-2022-NCLT-03477
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mansarovar-heritage-inn-pvt-ltd-ib-1289pb-2018-fac7e13b

## Summary

### Background

The case involves an application for withdrawal of a Company Petition (IB) No. 1289 of 2018 filed by Edelweiss Asset Reconstruction Company Limited against Mansarovar Heritage INN Pvt Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application for withdrawal was filed under Section 12A of the IBC, read with Regulation 30A(1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The financial creditor sought to withdraw the petition based on the receipt of Form FA and approval by 100% of the Committee of Creditors (CoC).

## Facts

Edelweiss Asset Reconstructions Co. Ltd. filed a Company Petition (IB) No. 1289 of 2018 against Mansarovar Heritage INN Pvt Ltd under Section 7 of the IBC. Edelweiss, being the sole financial creditor, submitted Form FA for withdrawal of the petition. The CoC, consisting solely of Edelweiss, approved the withdrawal with 100% voting share. The application for withdrawal was filed under Section 12A of the IBC. The RP stated that no viable resolution plan was received despite multiple attempts. Litigation was ongoing before the Rajasthan High Court and the Jaipur Development Authority (JDA) due to the cancellation of the lease of land and demolition of two towers constructed by the corporate debtor. The RP requested an exclusion of 22 days from the CIRP period. The

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition (IB) No. 1289 of 2018 filed by …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A(1) of

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**Reasoning:** The court considered that the financial creditor, Edelweiss Asset Reconstruction Company

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**Interpretation:** Section 12A provides a mechanism for withdrawal of insolvency proceedings if

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**Application:** In this case, the financial creditor complied with the requirements of Section

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash K.…
- **Appellants:** Edelwiess Asset…
- **Respondents:** Mansarovar…
- **Advocates:** Sanjay…; Rahul Mend…

## Timeline

- **2018-01-01 — Filing of Company…**: Company Petition (IB) No. 1289 of 2018 filed by Edelweiss Asset Reconstruction Company…
- **2021-11-18 — Submission of…**: Form FA submitted by Financial…

## 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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