# 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-02125. The application IA/553/CHE/2022 was filed by the Interim Resolution Professional (IRP) of the…

- **Court:** NCLT
- **Order date:** 21 Jun 2022
- **Citation:** TCN-2022-NCLT-02125
- **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-c2663151

## Summary

### Background

The application IA/553/CHE/2022 was filed 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 numbered as CP(IB)/157(CHE)/2021 and to be discharged from his responsibilities, with the Corporate Debtor's assets and records returned to its Board of Directors.

## Facts

The Interim Resolution Professional (IRP) of Ramcharan Company Private Limited filed an application to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the company. The CIRP had commenced vide order dated 21.04.2022, and Form-A publication was effected on 25.04.2022. An application filed by Witman Industries Private Limited, an Operational Creditor, under Section 9 of IBC, was disposed of with a direction to file a claim before the IRP. A Memorandum of Understanding (MOU) was executed between the shareholder/promoter of the Corporate Debtor and Witman Industries for amicable settlement. The IRP stated that the applicant and the Corporate Debtor had entered into a final settlement, and the IRP expenses had been paid. An intervenor opposed

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## Issues and analysis

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

**Ratio:** The legal principle is that before the constitution of the Committee of Creditors (CoC),

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**Reasoning:** The court reasoned that since the CoC was not yet constituted, the applicant could

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**Interpretation:** The interpretation of Section 12A of the IBC and Rule 11 of NCLT Rules, 2016,

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**Application:** In this case, the CoC was not yet constituted, and the applicant had entered

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## Parties

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

## Timeline

- **2022-06-06 — Application…**: The present application…
- **2022-04-21 — CIRP Commen…**: CIRP in the matter commenced…

## 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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