# In the matter of Rsa Mining & Equipments Private Limited

> NCLT judgment dated 2024-05-02. Citation: TCN-2024-NCLT-01481. The application was filed by the Resolution Professional under Section 12A of the Insolvency &…

- **Court:** NCLT
- **Order date:** 2 May 2024
- **Citation:** TCN-2024-NCLT-01481
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rsa-mining-equipments-private-limited-afb15158

## Summary

### Background

The application was filed by the Resolution Professional under Section 12A of the Insolvency & Bankruptcy Code, 2016, read with Regulation 30(A) of the IBBI (Corporate Insolvency Resolution Process) Regulations, 2016, seeking withdrawal of the Section 9 Petition. CIRP was initiated against the Corporate Debtor vide order dated 2023-07-24, and the IRP was appointed. The IRP made an announcement on 2023-07-28 and sought claims from creditors, receiving only one claim from the Operational Creditor who filed the Section 9 Petition. The CoC was constituted with one member only. The IRP was confirmed as the RP in the first CoC meeting held on 2023-09-01, and an application under Section 19 was filed. Before the first CoC meeting, the sole Operational Creditor and the

…

## Facts

An application was filed by the Resolution Professional seeking withdrawal of a Section 9 petition under Section 12A of the IBC, read with Regulation 30(A) of the IBBI Regulations. CIRP had been initiated against the Corporate Debtor on 2023-07-24, and an IRP was appointed. The IRP made a public announcement on 2023-07-28. Only one claim was received from the Operational Creditor who had filed the Section 9 petition. The CoC was formed with only one member. The IRP was confirmed as RP on 2023-09-01. An application under Section 19 was filed by the RP. Before the first CoC meeting, the Operational Creditor and the suspended director discussed settlement. Form FA was submitted on 2024-01-11 along with a memorandum of compromise dated 2023-12-26. In the third CoC meeting

…

## Issues and analysis

### Issue 1: Whether the Applicant should be granted liberty to withdraw the Section 9 Petition i.e. …

**Ratio:** Section 12(A) of the IBC, 2016, allows for the withdrawal of an application admitted

…

**Reasoning:** The court reasoned that the CoC had passed a resolution with 100% voting for the

…

**Interpretation:** Section 12(A) provides a mechanism for withdrawal of CIRP applications if the

…

**Application:** In this case, the CoC approved the withdrawal with 100% voting. The court,

…

## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Revathi S…

## Timeline

- **2023-07-24 — CIRP Init…**: CIRP was initiated…
- **2023-07-28 — Public Annou…**: IRP made an announcement by publishing Form…

## 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/rsa-mining-equipments-private-limited-afb15158