# In the matter of Rapt Industries Pvt. Ltd.

> NCLT judgment dated 2023-08-07. Citation: TCN-2023-NCLT-02149. The case involves an application (IA/4143/ND/2023) in an insolvency proceeding (IB/585/ND/2019)…

- **Court:** NCLT
- **Order date:** 7 Aug 2023
- **Citation:** TCN-2023-NCLT-02149
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rapt-industries-pvt-ltd-95f20f2d

## Summary

### Background

The case involves an application (IA/4143/ND/2023) in an insolvency proceeding (IB/585/ND/2019) before the National Company Law Tribunal (NCLT), New Delhi. The application pertains to the withdrawal of the insolvency petition under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016. The Committee of Creditors (CoC) passed a resolution with 90% voting share to withdraw the petition.

## Facts

K.B Polychem (India) Ltd is the applicant in an insolvency application IB/585/ND/2019 against Rapt Industries Pvt Ltd, the respondent. An application IA/4143/ND/2023 was filed seeking withdrawal of the insolvency application under Section 12A of the IBC, 2016. The CoC passed a resolution on 25.07.2023 with 90% voting share to withdraw the petition. The applicant's counsel presented this resolution to the NCLT. The resolution was for filing an application under Section 12A of IBC, 2016 to withdraw IB/585/ND/2019.

## Issues and analysis

### Issue 1: Whether the application IA/4143/ND/2023 for withdrawal of the insolvency petition IB/585/ND/2019 …

**Ratio:** Section 12A of the IBC, 2016, read with Regulation 30A(5) of the IBBI (Insolvency

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**Reasoning:** The court observed that the CoC had passed a resolution with the requisite 90% voting

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**Interpretation:** Section 12A of the IBC provides a mechanism for withdrawing an application

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**Application:** In this case, the CoC's resolution with 90% voting share satisfied the

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## Parties

- **Judges:** Sh. Ashok Kumar…; BINOD KUMAR…
- **Appellants:** K.B Polychem…
- **Respondents:** Rapt Industries…

## Timeline

- **2023-07-25 — CoC Resol…**: The Committee of Creditors (CoC) passed a resolution with 90% voting share to withdraw…
- **2023-08-07 — Order Del…**: The NCLT allowed the application IA/4143/ND/2023 for withdrawal and dismissed the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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