# In the matter of Ram Charan Company Private Limited IA-553-CHE-2022 in CP(IB)-157(CHE)-2021

> NCLT judgment dated 2022-06-21. Citation: TCN-2022-NCLT-02115. The application IA/553/CHE/2022 was filed in CP(IB)/157(CHE)/2021 by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 21 Jun 2022
- **Citation:** TCN-2022-NCLT-02115
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ram-charan-company-private-limited-ia-553-che-2022-in-cpib-157che-2021-0339033e

## Summary

### Background

The application IA/553/CHE/2022 was filed in CP(IB)/157(CHE)/2021 by the Interim Resolution Professional (IRP) of the Corporate Debtor, Ramcharan Company Private Limited, under Section 12A of the Insolvency & Bankruptcy Code, 2016, read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and Rule 11 of National Company Law Tribunal Rules, 2016. The IRP sought to withdraw the company petition, be discharged from responsibilities, and hand over the Corporate Debtor's assets back to its Board of Directors.

## Facts

The Interim Resolution Professional (IRP) of Ramcharan Company Private Limited filed an application (IA/553/CHE/2022) seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the company (CP(IB)/157(CHE)/2021). The application was filed under Section 12A of the Insolvency & Bankruptcy Code, 2016. The IRP sought to be discharged from responsibilities and to hand over the Corporate Debtor's assets back to its Board of Directors. The CIRP had commenced on 2022-04-21, and Form-A publication was effected on 2022-04-25. An application filed by Witman Industries Private Limited, an Operational Creditor, under Section 9 of IBC, was disposed of on 2022-04-21, directing them to file a claim before the IRP. A Memorandum of Understanding (MoU)

…

## Issues and analysis

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

**Ratio:** The legal principle applied is that under Rule 11 of NCLT Rules, 2016, the NCLT has the

…

**Reasoning:** The court reasoned that since the Committee of Creditors (CoC) had not yet been

…

**Interpretation:** The interpretation of Section 12A of the IBC, read with Rule 11 of NCLT Rules,

…

**Application:** In this case, the court applied the ratio and reasoning to the specific facts,

…

## Parties

- **Judges:** (Retd.) S.…; SAMEER…
- **Appellants:** Mr.S.VASU…
- **Respondents:** RAMCHARAN COMPANY…; CLASSIC E…
- **Advocates:** Ramaswamy M…; E.Ompra…

## Timeline

- **2022-06-06 — Application…**: The present application (IA/553/CHE/2022) was filed by the Interim Resolution…
- **2022-04-21 — CIRP Comm…**: Corporate Insolvency…

## 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/ram-charan-company-private-limited-ia-553-che-2022-in-cpib-157che-2021-0339033e