# In the matter of Nikko Auto Ltd. IB-316-PB-2020

> NCLT judgment dated 2022-06-23. Citation: TCN-2022-NCLT-02071. The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 23 Jun 2022
- **Citation:** TCN-2022-NCLT-02071
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nikko-auto-ltd-ib-316-pb-2020-858d850f

## Summary

### Background

The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the IBBI (IRP for CP) Regulations, 2016, seeking withdrawal of Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Nikko Auto Ltd. The CIRP was initiated under CP (IB) No. 316/ND/2020. The application is supported by an affidavit.

## Facts

M/s. Neo Industries initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Nikko Auto Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was registered as CP (IB) No. 316/ND/2020. Subsequently, an application was filed under Section 12A of the IBC, seeking withdrawal of the CIRP. The application was supported by an affidavit. The Interim Resolution Professional (IRP) was Mr. Satish Joshi. The NCLAT had passed an order on 2022-06-13. The application for withdrawal was based on Regulation 30A of the IBBI (IRP for CP) Regulations, 2016.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the

…

**Reasoning:** The court considered the submissions made by the Counsel for the IRP, the contents of the

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**Interpretation:** Section 12A provides a mechanism for the withdrawal of CIRP, recognizing that

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**Application:** Based on the submissions and the NCLAT order, the court allowed the application

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## Parties

- **Judges:** P.S.N. P…; AVINASH K.…
- **Appellants:** M/s. Neo Industrie…
- **Respondents:** M/s. Nikko Auto…

## Timeline

- **2020-01-01 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Nikko Auto Ltd.…
- **2022-06-13 — NCLAT Or…**: NCLAT passed an order…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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