# 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-03952. The case involves an application under Section 12A of the IBC, 2016 read with Regulation 30A…

- **Court:** NCLT
- **Order date:** 31 Mar 2023
- **Citation:** TCN-2023-NCLT-03952
- **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-5fde54e9

## Summary

### Background

The case involves an application under Section 12A of the IBC, 2016 read with Regulation 30A (1) of CIRP Regulations, 2016 filed by the Bank of Maharashtra. The Resolution Professional (RP) published Form-G for invitation of Resolution Plan on 26.05.2022, but no expression of interest was received. The agenda for 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 expressed unwillingness to liquidate 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, but no expression of interest was received. The agenda for extension of the CIRP period was rejected by the CoC. The RP then put an agenda for liquidation, but the CoC did not vote for it and does not want to liquidate the Corporate Debtor. The Members of CoC decided to withdraw the CIRP of the Corporate Debtor. The RP had key of rented premises and some of the records of the Corporate Debtor are lying in the rented premises. The RP has taken key from the erstwhile RP and possession of the record with regard to Corporate Debtor has also

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## Issues and analysis

### Issue 1: Whether the application under Section 12A of the IBC, …

**Ratio:** Section 12A of the IBC, 2016 allows for the withdrawal of CIRP with the approval of 90%

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**Reasoning:** The CoC decided to withdraw the CIRP due to the lack of interest from prospective

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**Interpretation:** Section 12A provides a mechanism for the CoC to withdraw CIRP if it is deemed

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**Application:** The CoC's decision to withdraw the CIRP, coupled with the lack of interest from

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Manoj Jain Prop.…
- **Respondents:** Romesh Power…

## Timeline

- **2022-05-26 — Form-G Publ…**: Resolution Professional published Form-G…
- **2022-06-18 — CIRP Extension…**: The agenda for extension of the CIRP…

## 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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