# 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-03970. 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-03970
- **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-6eb694dc

## 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 inviting Resolution Plans 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. The CoC decided to withdraw the CIRP.

## Facts

Manoj Jain Prop. Maxwell India initiated a Corporate Insolvency Resolution Process (CIRP) against Romesh Power Products Pvt. Ltd. under Section 9 of the IBC, 2016. The Bank of Maharashtra filed an application under Section 12A of the IBC, 2016 read with Regulation 30A (1) of CIRP Regulations, 2016, seeking to withdraw the CIRP. The Resolution Professional (RP) published Form-G on 2022-05-26 to invite resolution plans, but no expressions of interest were received. The Committee of Creditors (CoC) rejected the extension of the CIRP period and did not approve the liquidation of the Corporate Debtor. The CoC decided to withdraw the CIRP. The RP held the keys to the rented premises and some records of the Corporate Debtor. The erstwhile RP had possession of the records. The

…

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP under Section 12A of the IBC, 2016, should be …

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

…

**Reasoning:** The CoC, being the primary decision-making body in the CIRP, has decided to withdraw the

…

**Interpretation:** Section 12A provides a mechanism for the CoC to reassess the viability of the

…

**Application:** In this case, the CoC's decision to withdraw the CIRP, coupled with the lack of

…

## 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…**: 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)

---

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-6eb694dc