# In the matter of Romesh Power Products Pvt. Ltd. IA No. 272-JPR-2022, IA No. 145 & 161-JPR-2023 in CP No. (IB)-23-9-JPR-2020]

> NCLT judgment dated 2023-03-31. Citation: TCN-2023-NCLT-03910. The case involves an application under Section 12A of the IBC, 2016, filed by the Bank of…

- **Court:** NCLT
- **Order date:** 31 Mar 2023
- **Citation:** TCN-2023-NCLT-03910
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/romesh-power-products-pvt-ltd-ia-no-272-jpr-2022-ia-no-145-161-jpr-2023-in-cp-no-4adab617

## Summary

### Background

The case involves an application under Section 12A of the IBC, 2016, filed by the Bank of Maharashtra, read with Regulation 30A (1) of CIRP Regulations, 2016. The Resolution Professional (RP) had published Form-G for the invitation of a Resolution Plan on 26.05.2022, which was published in newspapers. However, no expression of interest was received. The agenda for the extension of the CIRP period was rejected by the Committee of Creditors (CoC). Subsequently, the RP proposed liquidation, but the CoC did not vote in favor of it and did not want to liquidate the Corporate Debtor. The CoC decided to withdraw the CIRP of the Corporate Debtor.

## Facts

Manoj Jain Prop. Maxwell India is the Operational Creditor/Applicant. Romesh Power Products Pvt. Ltd. is the Corporate Debtor/Respondent. The Resolution Professional (RP) published Form-G for invitation of Resolution Plan on 26.05.2022, which was published in newspapers. No expression of interest was received. The agenda for extension of the CIRP period was rejected by the CoC. The RP put an agenda for liquidation, but the CoC did not vote on it. The CoC decided to withdraw the CIRP. The RP had the key to rented premises and some records of the Corporate Debtor. The Bank of Maharashtra is the Financial Creditor.

## Issues and analysis

### Issue 1: Whether the application under Section 12A of the IBC, 2016, read with Regulation 30A (1) of CIRP …

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

…

**Reasoning:** The court considered the application filed by the Bank of Maharashtra under Section 12A

…

**Interpretation:** Section 12A provides a mechanism for the withdrawal of CIRP proceedings if the

…

**Application:** In this case, the Bank of Maharashtra filed the application, and the CoC's

…

## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Manoj Jain Prop.…
- **Respondents:** Romesh Power…
- **Advocates:** Akshat Kuls…; Roopendra…; +1 more

## Timeline

- **2020-09-01 — CP No. (IB)-23/9/JPR/202…**: Initiation o…
- **2022-05-26 — Form-G Publ…**: Resolution Professional published Form-G…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/romesh-power-products-pvt-ltd-ia-no-272-jpr-2022-ia-no-145-161-jpr-2023-in-cp-no-4adab617