# In the matter of Meta Arch Private Limited I.A.-2539 & 2836-2021 in CP(IB)-3546-(MB)-2018

> NCLT judgment dated 2023-03-03. Citation: TCN-2023-NCLT-04355. The case involves an application (IA/2539/2021) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 3 Mar 2023
- **Citation:** TCN-2023-NCLT-04355
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/meta-arch-private-limited-ia-2539-2836-2021-in-cpib-3546-mb-2018-0c0ff6ec

## Summary

### Background

The case involves an application (IA/2539/2021) filed by the Interim Resolution Professional (IRP), Nitin Om Kothari, under section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Meta Arch Private Limited. Several other IAs were filed, including one by Ramesh Bhagwandas Chhabria seeking intervention and rejection of IA/2539/2021, and another seeking to punish the IRP for wilful disobedience. Kotak Mahindra Bank also filed an IA seeking directions to decide the section 12A application urgently. Prasad Joshi, a member of the Committee of Creditors, filed an IA for dismissal of IA/2539/2021 and appointment of a new Resolution Professional.

## Facts

The CIRP was initiated against Meta Arch Private Limited. Nitin Om Kothari was appointed as the Interim Resolution Professional (IRP). A member of the Corporate Debtor paid Rs. 16,23,808/- to Ardex Endura (India) Private Limited, the Original Petitioner/Operational Creditor. The Original Petitioner sent Form FA for withdrawal of the CIRP. Ramesh Bhagwandas Chhabria filed a claim of Rs. 23,25,80,664/- which was rejected by the IRP. The IRP stated that Ramesh Chhabria is a debtor, not a lender, to Meta Arch Pvt. Ltd., with Rs. 7.96 Crore due from him. Meta Arch Pvt. Ltd. initiated recovery proceedings against Ramesh Chhabria. The NCLAT stayed the operation of an earlier order pending the decision on the Section 12A application. The IRP filed IA/2539/2021 seeking

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP (IA/2539/2021) should be allowed under Section …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of

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**Reasoning:** The Tribunal considered that a member of the Corporate Debtor had paid a significant

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**Interpretation:** Section 12A provides a mechanism for settling disputes and withdrawing CIRP if

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**Application:** The Tribunal applied Section 12A and Regulation 30A to the facts of the case,

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## Parties

- **Judges:** Kuldip Kumar…; Shyam Babu…
- **Appellants:** Nitin Om K…
- **Respondents:** Meta Arch Private…; Nitin Ko…

## Timeline

- **2018-10-08 — CIRP Init…**: CIRP was initiated against the…
- **2021-10-18 — Payment by Corporate…**: A member of the Corporate Debtor paid Rs. 16,23,808/- to Ardex Endura (India) Private…

## 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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