# In the matter of Richa Lifespace Pvt. Ltd. IA 1349-2022 In C.P. (IB)-1145(MB)2020

> NCLT judgment dated 2022-06-08. Citation: TCN-2022-NCLT-02327. The case pertains to an application filed under Section 12A of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 Jun 2022
- **Citation:** TCN-2022-NCLT-02327
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/richa-lifespace-pvt-ltd-ia-1349-2022-in-cp-ib-1145mb2020-a286014c

## Summary

### Background

The case pertains to an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of a Company Petition that had been admitted by the Mumbai Bench of the National Company Law Tribunal (NCLT). The Resolution Professional (RP) filed the application after the Committee of Creditors (COC) approved the withdrawal of the Corporate Insolvency Resolution Process (CIRP) with 100% voting in its second meeting.

## Facts

The key facts are as follows: A Company Petition against Richa Lifespace Pvt. Ltd. was admitted by the Mumbai Bench of the NCLT. Subsequently, the Resolution Professional (RP) filed an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the Company Petition. The Committee of Creditors (COC) approved the withdrawal of the Corporate Insolvency Resolution Process (CIRP) with 100% voting in its second meeting held on 2022-05-03. The RP also filed Form FA. The conditions for withdrawal under Section 12(A) of the IBC and Regulation 30(A) of the IBBI Regulations were met. The relevance of these facts lies in demonstrating that the procedural requirements for withdrawing a CIRP after its initiation were satisfied, leading to the

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## Issues and analysis

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

**Ratio:** Section 12A of the IBC allows for the withdrawal of an application admitted under Section

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**Reasoning:** The court reasoned that the COC had approved the withdrawal of the CIRP with 100% voting,

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**Interpretation:** Section 12A provides a mechanism to withdraw a CIRP application if the COC

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**Application:** In this case, the COC's 100% approval and the RP's compliance with the filing

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## Parties

- **Judges:** RAJESH S…; KISHORE VEMULAPALL…
- **Appellants:** Muthoot Fincorp…
- **Respondents:** Richa Lifespace…

## Timeline

- **2022-03-10 — Admission of Company…**: The Company Petition against Richa Lifespace Pvt. Ltd. was admitted by the Mumbai Bench…
- **2022-05-03 — COC Approval for…**: The Committee of Creditors (COC) approved the withdrawal of the 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)

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