# 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-04332. 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-04332
- **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-2018-6f4dab61

## 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 the withdrawal application, and another by Kotak Mahindra Bank seeking directions to decide the Section 12A application urgently. Prasad Joshi, a member of the Committee of Creditors, also filed an IA for the dismissal of IA/2539/2021 and appointment of a new Resolution Professional.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Meta Arch Private Limited. Nitin Om Kothari was appointed as the Interim Resolution Professional (IRP). The IRP filed an application (IA/2539/2021) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP. Ramesh Bhagwandas Chhabria filed multiple applications (IA/2858/2021, IA/1891/2022) seeking intervention, rejection of the withdrawal application, and punishment of the IRP for alleged disobedience. Kotak Mahindra Bank filed an application (IA/2539/2022) seeking urgent decision on the withdrawal application. Prasad Joshi, a member of the Committee of Creditors, also filed an application (IA/3244/2022) for dismissal of the withdrawal application and

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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 an amount to the

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

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**Application:** Given the payment made and the Original Petitioner's consent to withdrawal,

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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 initiated against the…
- **2021-10-18 — Payment by Corporate…**: Member of the Corporate Debtor paid Rs.…

## 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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