# In the matter of Mehak Realtech Pvt. Ltd. (IA)-1022-2022 in (IB)-168(PB)-2019

> NCLT judgment dated 2022-03-23. Citation: TCN-2022-NCLT-03584. The matter pertains to the withdrawal of the Corporate Insolvency Resolution Process (CIRP)…

- **Court:** NCLT
- **Order date:** 23 Mar 2022
- **Citation:** TCN-2022-NCLT-03584
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mehak-realtech-pvt-ltd-ia-1022-2022-in-ib-168pb-2019-a915f340

## Summary

### Background

The matter pertains to the withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Resolution Professional had submitted a proposal for withdrawal of the main petition, CP No. IB-168(PB)/2019, in Form FA. The Special Bench had ordered notice to be served on the Financial Creditor. The Court Officer's report indicated that nothing had been filed after 03.03.2022. Mr. Ashutosh Misra, the authorised representative of the Financial Creditor, filed an application for withdrawal of CIRP.

## Facts

Edelweiss Asset Reconstruction Company Pvt. Ltd. filed a petition against Mehak Realtech Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP). The Resolution Professional submitted a proposal for withdrawal of the main petition, CP No. IB-168(PB)/2019, in Form FA. The Special Bench ordered notice to be served on the Financial Creditor. The Court Officer's report indicated that nothing had been filed after 03.03.2022. Mr. Ashutosh Misra, the authorised representative of the Financial Creditor, filed an application for withdrawal of CIRP under Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016. The Form FA was accompanied by the required Bank

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## 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 Financial Creditor's

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**Interpretation:** Regulation 30A provides a mechanism for withdrawing CIRP if certain conditions

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**Application:** In this case, the application for withdrawal was supported by the Financial

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash Kumar…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Mehak Realtech…

## Timeline

- **2022-03-03 — No filings after this…**: The Court Officer report stated that as per the e-Portal, nothing had been filed after…
- **2022-03-08 — Matter heard by Special…**: The matter was last heard by Special Bench, and the Resolution Professional stated that…

## 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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