# 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-03247. 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-03247
- **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-ee84e34e

## 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 initially ordered against the Corporate Debtor due to settlement.

## Facts

The Interim Resolution Professional (IRP) filed an Interlocutory Application (I.A. 981/2022) under Section 12A of the Insolvency and Bankruptcy Code to withdraw the CIRP order against the Corporate Debtor, Resources World Exim PrivateLimited. The Committee of Creditors (CoC) passed a resolution in its 12th meeting on 07.04.2022 with 100% voting share to withdraw the CIRP, indicating a settlement. The IRP confirmed receiving the CIRP costs, including fees. The CIRP order was initially passed on 19.11.2019. The main company petition bearing No. 982/2019 need not be listed again. The relevance of these facts is that they demonstrate the process of CIRP withdrawal due to settlement and the court's acceptance of the CoC's decision.

## Issues and analysis

### Issue 1: Whether the Interlocutory Application (I.A. 981/2022) filed by the IRP for withdrawal of the CIRP …

**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 passed a resolution with 100% voting share to

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**Interpretation:** Section 12A is interpreted to allow for flexibility in the CIRP process,

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**Application:** In this case, the CoC's 100% vote in favor of withdrawal, coupled with the

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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…**: CIRP order was passed…
- **2022-04-07 — CoC Resol…**: The Committee of Creditors (CoC) passed a resolution for withdrawal of the CIRP with 100%…

## 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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