# In the matter of Marksmen Digi Technologies Private Limited

> NCLT judgment dated 2024-06-25. Citation: TCN-2024-NCLT-01124. The case involves an application filed by Shri Shivadutt Bannanje, the Interim Resolution…

- **Court:** NCLT
- **Order date:** 25 Jun 2024
- **Citation:** TCN-2024-NCLT-01124
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/marksmen-digi-technologies-private-limited-3eb2a1cb

## Summary

### Background

The case involves an application filed by Shri Shivadutt Bannanje, the Interim Resolution Professional (IRP) of Marksmen Digi Technologies Private Limited, seeking to withdraw the Company Petition bearing C.P (IB) No.127/BB/2022 filed under Section 7 of the I&B Code, 2016 by M/s. Drip Capital Inc. The Corporate Insolvency Resolution Process (CIRP) was initiated, and a public announcement was made. The IRP received only one claim from Drip Capital Inc., the Financial Creditor, which was admitted. The Committee of Creditors (CoC) decided to apply for withdrawal under Section 12A of the Code, and the Financial Creditor submitted a withdrawal application. The CoC member remitted the expenses towards the entire CIRP fees.

## Facts

M/s. Drip Capital Inc. filed a Company Petition (C.P (IB) No.127/BB/2022) under Section 7 of the I&B Code, 2016 against M/s. Markmen Digi Technologies Pvt. Ltd. The petition was admitted by the Adjudicating Authority on 2024-01-10, leading to a public announcement on 2024-01-13. Shri Shivadutt Bannanje was appointed as the Interim Resolution Professional (IRP). The IRP received only one claim from Drip Capital Inc., which was admitted on 2024-01-31. The Committee of Creditors (CoC) decided to apply for withdrawal of the C.P under Section 12A of the Code. The Financial Creditor submitted a withdrawal application on 2024-04-17. The CoC member remitted the CIRP fees on 2024-04-24. The IRP then filed an application (I.A. No.431/2024) seeking to allow the withdrawal of

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## Issues and analysis

### Issue 1: Whether the conditions for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of a

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**Reasoning:** The court considered that the CoC had voted in favor of the withdrawal application and

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**Interpretation:** Section 12A provides a mechanism for withdrawing a CIRP application when the

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**Application:** In this case, the CoC approved the withdrawal, the Financial Creditor applied

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** M/s.Drip Capital…
- **Respondents:** Marksmen Digi…; M/s. Markmen Digi…

## Timeline

- **2024-01-10 — Admission of Company…**: The Adjudicating Authority admitted the Company…
- **2024-01-13 — Public Annou…**: The Applicant made a public…

## 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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