# In the matter of RSV Earth Enterprises Pvt. Ltd.

> NCLT judgment dated 2023-10-30. Citation: TCN-2023-NCLT-00988. The application IA No. 525/2023 was filed for the withdrawal of the Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 30 Oct 2023
- **Citation:** TCN-2023-NCLT-00988
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rsv-earth-enterprises-pvt-ltd-623fe9a6

## Summary

### Background

The application IA No. 525/2023 was filed for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) concerning the Corporate Debtor. After the initiation of CIRP, an advertisement was issued in "Financial Express" and "Jansatta" on September 17, 2023. However, no claims were received except from the Operational Creditor, who is also the applicant. The Committee of Creditors (COC) considered the withdrawal, comprising only the Operational Creditor. The agenda item was reflected at page No. 79 of the application, proposing to move the present application along with filing Form FA. The resolution was passed by the COC, consisting of the sole member Operational Creditor, as per the resolution at page No. 86.

## Facts

An application (IA No. 525/2023) was filed to withdraw the CIRP against a Corporate Debtor. Following the CIRP initiation, advertisements were published in "Financial Express" and "Jansatta" on September 17, 2023, but only the Operational Creditor (who is also the applicant) responded. The COC, consisting solely of the Operational Creditor, considered the withdrawal. The Corporate Debtor lacks tangible assets, has no business operations, and revival is not possible. The Directors are unreachable, and the promoters are also not contactable despite the IRP's efforts. The application for withdrawal was made under Section 12A of the Code, supported by a 100% COC vote. The CIRP costs have already been paid.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP should be allowed given the lack of tangible …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of CIRP

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**Reasoning:** The court considered the fact that the Corporate Debtor had no tangible assets, no

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**Interpretation:** The court interpreted Section 12A to allow for withdrawal in cases where the

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**Application:** In this case, the Corporate Debtor's lack of assets and the inability to

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## Parties

- **Judges:** Praveen…; Ashish…
- **Respondents:** M/S RSV EARTH…; M/S METRO MINES &…

## Timeline

- **2023-09-17 — Advertisement…**: Advertisement issued in "Financial Express" and "Jansatta" regarding the initiation of…
- **2023-10-30 — Order Da…**: Order passed allowing the withdrawal of the…

## 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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