# In the matter of Nava Healthcare Pvt. Ltd.

> NCLT judgment dated 2023-07-19. Citation: TCN-2023-NCLT-02434. The case involves an application (IA-3638/2023) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 19 Jul 2023
- **Citation:** TCN-2023-NCLT-02434
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nava-healthcare-pvt-ltd-7ed881ad

## Summary

### Background

The case involves an application (IA-3638/2023) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC) 2016, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (IBBI) (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP). The applicant has placed Form FA on record, which is on page no. 31-32 of the application duly signed by the Operational Creditor on whose instance the CIRP was initiated.

## Facts

M/s Shree Krishna Automobiles, through its Partner Sh. Rajesh Jindal, filed an application against Nava Healthcare Pvt. Ltd. under Section 7 of the IBC, 2016, initiating the Corporate Insolvency Resolution Process (CIRP). Subsequently, the Interim Resolution Professional (IRP) filed IA-3638/2023 under Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking withdrawal of the CIRP. The application was supported by Form FA, signed by the Operational Creditor, indicating their consent for the withdrawal. The court considered the submissions made by the counsel for the applicant in IA-3638/2023.

## Issues and analysis

### Issue 1: Whether the application (IA-3638/2023) filed by the IRP for withdrawal of the CIRP under Section …

**Ratio:** Section 12A of the IBC, 2016, allows for the withdrawal of CIRP with the approval of 90%

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**Reasoning:** The court considered the submissions made by the counsel appearing for the applicant in

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**Interpretation:** Section 12A and Regulation 30A provide a mechanism for withdrawing CIRP if

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**Application:** In this case, the IRP filed IA-3638/2023 seeking withdrawal of CIRP, supported

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## Parties

- **Judges:** SHRI. ASHOK KUMAR…; Shri. L. N.…
- **Appellants:** M/s Shree Krishna…
- **Respondents:** Nava Healthcare…

## Timeline

- **N/A — Filing of IA-3…**: IRP filed an application (IA-3638/2023) under Section 12A of IBC 2016 for withdrawal of…
- **2023-07-19 — Order Del…**: The court allowed IA-3638/2023, releasing the Corporate Debtor from CIRP, and dismissed…

## 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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