# In the matter of QRT Labs Private Limited

> NCLT judgment dated 2023-09-27. Citation: TCN-2023-NCLT-01453. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against QRT Labs…

- **Court:** NCLT
- **Order date:** 27 Sept 2023
- **Citation:** TCN-2023-NCLT-01453
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/qrt-labs-private-limited-23b48a9e

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against QRT Labs Private Limited. An application was filed under Section 12A of the IBC seeking withdrawal of the CIRP. The CIRP was initially admitted on 24.02.2023, and a Committee of Creditors (CoC) was constituted. The Resolution Professional (RP) filed an IA seeking withdrawal of the CIRP, which was supported by the CoC. Another IA was filed by the RP seeking exclusion of 90 days in completion of CIRP.

## Facts

A CIRP was initiated against QRT Labs Private Limited, and the Adjudicating Authority admitted it on 24.02.2023. A CoC was constituted. The RP filed an IA under Section 12A of the IBC seeking withdrawal of the CIRP, which was approved by the sole member of the CoC. The RP also filed another IA seeking exclusion of 90 days in the completion of CIRP. The RP stated that they had been paid their dues in full and final. The relevance of these facts is that they form the basis for the court's decision to allow the withdrawal of the CIRP and the exclusion of 90 days.

## Issues and analysis

### Issue 1: Whether the IA filed by the RP for withdrawal of the CIRP under Section 12A of the IBC should be …

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

…

**Reasoning:** The court noted that the CoC had approved the filing of the application seeking

…

**Interpretation:** Section 12A provides a mechanism for withdrawing a CIRP if the creditors,

…

**Application:** In this case, the CoC approved the withdrawal application, and the RP confirmed

…

## Parties

- **Judges:** RohitKa…; ARVIND DEVA…
- **Respondents:** QRT Labs Private…; PRAMA INSTRUMENTS…

## Timeline

- **2023-02-24 — CIRP Admi…**: The Adjudicating Authority admitted the…
- **2023-09-27 — Hearing…**: Hearing on the application for…

## 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)

---

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/qrt-labs-private-limited-23b48a9e