# In the matter of Resource World Exim Private Limited I.A. 959,1679,2079 & 2327-2021 & I.A. 981-2022 in C.P (IB)-982(MB)-2019

> NCLT judgment dated 2022-04-18. Citation: TCN-2022-NCLT-03232. The case involves an Interlocutory Application (I.A. 981/2022) filed by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 18 Apr 2022
- **Citation:** TCN-2022-NCLT-03232
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/resource-world-exim-private-limited-ia-95916792079-2327-2021-ia-981-2022-in-cp-i-772c4cf4

## Summary

### Background

The case involves an Interlocutory Application (I.A. 981/2022) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) order. The CIRP was initiated against the Corporate Debtor, Resources World Exim PrivateLimited, due to a settlement. The Committee of Creditors (CoC) in its 12th meeting dated 07.04.2022, passed a resolution for withdrawal of the CIRP with 100% voting share as the matter was settled.

## Facts

The Bank of India initiated a Corporate Insolvency Resolution Process (CIRP) against Resources World Exim PrivateLimited. The Interim Resolution Professional (IRP) filed I.A. 981/2022 under Section 12A of the Insolvency and Bankruptcy Code to withdraw the CIRP due to a settlement. The Committee of Creditors (CoC) approved the withdrawal in its 12th meeting on 07.04.2022 with a 100% vote share. The IRP confirmed receiving the CIRP costs. The CIRP order was initially passed on 19.11.2019. The relevance of these facts lies in demonstrating the process followed for withdrawing a CIRP based on a settlement between the parties and the approval of the CoC.

## Issues and analysis

### Issue 1: Whether the Interlocutory Application (I.A. 981/2022) filed by the Interim Resolution Professional …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code allows for the withdrawal of CIRP with

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**Reasoning:** The court reasoned that the CoC had approved the withdrawal of the CIRP with a 100%

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP when a settlement is

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**Application:** In this case, the CoC approved the withdrawal with 100% voting share, exceeding

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## Parties

- **Judges:** SHRI. H.V.SUBBA…; Chandra Bha…; +1 more
- **Appellants:** Bank of…
- **Respondents:** Resources World…

## Timeline

- **2019-11-19 — CIRP Ord…**: The Corporate Insolvency Resolution Process (CIRP) order was initially passed against the…
- **2022-04-07 — CoC Meet…**: The Committee of Creditors (CoC) held its 12th meeting and passed a resolution 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)

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