# 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-03592. The matter pertains to the withdrawal of the Corporate Insolvency Resolution Process (CIRP)…

- **Court:** NCLT
- **Order date:** 23 Mar 2022
- **Citation:** TCN-2022-NCLT-03592
- **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-cda15ba5

## 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, representing the Financial Creditor, filed an application for withdrawal of CIRP.

## Facts

Edelweiss Asset Reconstruction Company Pvt. Ltd. filed an application 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, representing 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 Guarantee as per

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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 reasoned that the Financial Creditor's representative had filed an application

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

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**Application:** In this case, the Financial Creditor's representative applied for withdrawal,

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## Parties

- **Judges:** Ramalingam…; SH. AVINASH KUMAR…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Mehak Realtech…

## Timeline

- **2022-03-03 — No filings on…**: Court Officer report states that as per the e-Portal, nothing has been filed after…
- **2022-03-08 — Matter Heard by Special…**: The matter was last heard on 08.03.2022 by Special Bench when the Ld. Counsel for the…

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