# In the matter of Marksmen Digi Technologies Private Limited

> NCLT judgment dated 2024-06-25. Citation: TCN-2024-NCLT-01120. The case involves an application filed by Shri Shivadutt Bannanje, the Interim Resolution…

- **Court:** NCLT
- **Order date:** 25 Jun 2024
- **Citation:** TCN-2024-NCLT-01120
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/marksmen-digi-technologies-private-limited-9da44ac3

## 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 under Section 12A of the I&B Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated following the admission of a petition filed by Drip Capital Inc. under Section 7 of the I&B Code. The IRP made a public announcement and received only one claim from Drip Capital Inc., which was admitted. The Committee of Creditors (CoC) decided to apply for withdrawal of the CIRP, and the financial creditor also submitted a withdrawal application. All CIRP fees were paid by the CoC member.

## Facts

Drip Capital Inc. initiated Corporate Insolvency Resolution Process (CIRP) against Marksmen Digi Technologies Pvt. Ltd. by filing C.P (IB) No.127/BB/2022 under Section 7 of the I&B Code, 2016. The petition was admitted on 2024-01-10, leading to the appointment of Shri Shivadutt Bannanje as the Interim Resolution Professional (IRP). The IRP made a public announcement on 2024-01-13. Only one claim was received from Drip Capital Inc., the Financial Creditor, and it was admitted on 2024-01-31. In the 2nd CoC meeting on 2024-03-04, the CoC decided to apply for withdrawal of the CIRP under Section 12A. The Financial Creditor submitted a withdrawal application on 2024-04-17. All CIRP fees were paid by the CoC member, with payment receipt dated 2024-04-24. The IRP then

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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 I&B Code allows for the withdrawal of CIRP if the Adjudicating

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**Reasoning:** The court reasoned that the CoC had voted in favor of withdrawing the CIRP, and the

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**Interpretation:** Section 12A is interpreted to provide a mechanism for withdrawing CIRP when the

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**Application:** In this case, the CoC's decision to withdraw the CIRP, the financial creditor's

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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 Company Petition filed by Drip Capital Inc. was admitted by the Adjudicating…
- **2024-01-13 — Public Annou…**: The Interim Resolution Professional (IRP)…

## 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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