# In the matter of Punjab Tubes Ltd.

> NCLT judgment dated 2023-07-25. Citation: TCN-2023-NCLT-02355. The application was filed by Mr. Vivek Bansal-IRP under Section 12A of IBC, 2016 r/w Regulation…

- **Court:** NCLT
- **Order date:** 25 Jul 2023
- **Citation:** TCN-2023-NCLT-02355
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/punjab-tubes-ltd-7249c2be

## Summary

### Background

The application was filed by Mr. Vivek Bansal-IRP under Section 12A of IBC, 2016 r/w Regulation 30A of IBBI for withdrawal of CIRP. The COC approved the withdrawal proposal in its 5th meeting held on 16.05.2023. The agenda mentioned that there is no business or asset in the company other than scrapped machinery in the possession of Intec Capital, and no future revival or resolution is foreseen.

## Facts

Intec Capital Ltd. was undergoing CIRP. Mr. Vivek Bansal-IRP filed an application under Section 12A of IBC, 2016, r/w Regulation 30A of IBBI, seeking withdrawal of the CIRP. The COC approved the withdrawal in its 5th meeting held on 16.05.2023. The company's only asset was scrapped machinery. The IRP/RP and Kotak Mahindra Bank Ltd., a major COC member, agreed that continuing CIRP or filing for liquidation was pointless. Kotak Mahindra Bank Ltd., holding 76.27 shares, proposed withdrawal under Section 12A. The cost and expenses of IRP have already been paid.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP under Section 12A of IBC, 2016 should be allowed …

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

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**Reasoning:** The court considered the COC's approval for withdrawal, the IRP/RP's opinion that

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**Interpretation:** Section 12A and Regulation 30A are interpreted to allow for the withdrawal of

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**Application:** The court applied Section 12A and Regulation 30A to the facts, noting the COC's

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Intec Capit…
- **Respondents:** Punjab Tube…
- **Advocates:** DP G…

## Timeline

- **2023-05-16 — COC Meet…**: The COC approved the withdrawal…
- **2023-07-25 — Order Da…**: The court allowed the withdrawal of CIRP and…

## 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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