# In the matter of Roharsh Motors Private Limited IA-2153-2022 in C.P.(IB)-3382(MB)-2019

> NCLT judgment dated 2022-08-11. Citation: TCN-2022-NCLT-01392. The case involves an application (IA-2153/2022) filed by the Resolution Professional (RP) under…

- **Court:** NCLT
- **Order date:** 11 Aug 2022
- **Citation:** TCN-2022-NCLT-01392
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/roharsh-motors-private-limited-ia-2153-2022-in-cpib-3382mb-2019-5efa1ca0

## Summary

### Background

The case involves an application (IA-2153/2022) filed by the Resolution Professional (RP) under Section 12A for withdrawal of the Company Petition [C.P.(IB)/3382(MB)/2019] after its admission into Corporate Insolvency Resolution Process (CIRP). The petition was initially admitted on 19.01.2022, and an Interim Resolution Professional (IRP) was appointed. A Committee of Creditors (CoC) was constituted on 12.02.2022, and the first CoC meeting was held on 22.02.2022. Subsequently, the Corporate Debtor and the original Petitioner entered into a settlement agreement on 05.03.2022, which was submitted in the second CoC meeting held on 23.03.2022 and approved with 90% voting of the CoC.

## Facts

The Company Petition [C.P.(IB)/3382(MB)/2019] was admitted on 19.01.2022, initiating CIRP. An IRP was appointed, and a CoC was formed on 12.02.2022. The first CoC meeting occurred on 22.02.2022. A settlement agreement was reached between the Corporate Debtor and the original Petitioner on 05.03.2022. This agreement was submitted to the CoC and approved with 90% voting on 23.03.2022. The RP then filed IA-2153/2022 under Section 12A for withdrawal of the Company Petition, confirming that all fees and expenses were received. This settlement is a key fact, as it forms the basis for the withdrawal application and subsequent dismissal of the CIRP.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the Insolvency and …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of

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**Reasoning:** The court reasoned that since the settlement agreement was approved by 90% of the CoC,

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**Interpretation:** Section 12A is interpreted to provide a mechanism for CIRP withdrawal when a

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**Application:** In this case, the 90% approval by the CoC of the settlement agreement directly

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Respondents:** Opulent Auto Care…; Ms Roharsh Motors…

## Timeline

- **2022-01-19 — Admission of…**: The Company Petition [C.P.(IB)/3382(MB)/2019] was admitted, initiating CIRP, and an IRP…
- **2022-02-12 — CoC Form…**: The Committee of…

## 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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