# In the matter of Process Construction and Technical Services Private Limited

> NCLT judgment dated 2024-03-20. Citation: TCN-2024-NCLT-02005. The case involves an application for withdrawal of a Company Petition under Section 12A of the…

- **Court:** NCLT
- **Order date:** 20 Mar 2024
- **Citation:** TCN-2024-NCLT-02005
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/process-construction-and-technical-services-private-limited-18dc7f32

## Summary

### Background

The case involves an application for withdrawal of a Company Petition under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016. The Company Petition, bearing C.P. (IB)/1011(MB)2022, was initially filed under Section 7 of the IBC and admitted on 28.04.2023, leading to the commencement of the Corporate Insolvency Resolution Process (CIRP) and the declaration of a moratorium. An Interim Resolution Professional (IRP) was appointed for the Corporate Debtor, who then made a public announcement inviting claims. The Committee of Creditors (CoC) was constituted, and a report was submitted.

## Facts

Idbi Bank Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Process Construction And Technical Services Private Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was admitted on 28.04.2023, leading to the commencement of CIRP and imposition of a moratorium. An Interim Resolution Professional (IRP) was appointed, who made a public announcement for claims. Subsequently, an application (IA-1183(MB)2024) was filed seeking withdrawal of the CIRP under Section 12A of the IBC. The applicant stated that they received Form FA on 12.03.2024, and the Committee of Creditors (CoC) approved the withdrawal with a 100% vote in its meeting held on 13.03.2024. The applicant also submitted that the RP fee

…

## Issues and analysis

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

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP if the Committee of Creditors

…

**Reasoning:** The court reasoned that the CoC had approved the withdrawal with a 100% vote, indicating

…

**Interpretation:** Section 12A is interpreted to provide a mechanism for creditors to reassess the

…

**Application:** In this case, the CoC's unanimous approval, coupled with the applicant's

…

## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** IDBI Bank L…
- **Respondents:** Process Constructi…

## Timeline

- **2023-04-28 — Admission of Company…**: The Company Petition filed under Section 7 of the IBC was admitted by the Tribunal,…
- **2023-05-03 — Public Announcement by…**: The appointed Interim Resolution Professional (IRP) made a public announcement inviting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/process-construction-and-technical-services-private-limited-18dc7f32