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

> NCLT judgment dated 2023-10-30. Citation: TCN-2023-NCLT-00983. 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-00983
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rsv-earth-enterprises-pvt-ltd-7edad9fe

## Summary

### Background

The application IA No.525/2023 was filed for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) concerning the Corporate Debtor, RSV Earth Enterprises Pvt Ltd. After the initiation of the CIRP, an advertisement was issued in 'Financial Express' and 'Jansatta' on September 17, 2023. No claims were received except from the Operational Creditor, who is also the applicant. The Committee of Creditors (COC) comprised only the Operational Creditor. The agenda for withdrawal was reflected at page No. 79 of the application, proposing the present application along with 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

The application IA No.525/2023 was filed for the withdrawal of the CIRP with respect to the Corporate Debtor, RSV Earth Enterprises Pvt Ltd. After the initiation of the CIRP, an advertisement was issued in 'Financial Express' and 'Jansatta' on September 17, 2023. No claims were received except from the Operational Creditor, who is also the applicant. The Committee of Creditors (COC) comprised only the Operational Creditor. The agenda for withdrawal was reflected at page No. 79 of the application, proposing the present application along with Form FA. The resolution was passed by the COC, consisting of the sole member Operational Creditor, as per the resolution at page No. 86. The Corporate Debtor does not have any tangible assets and has no business, and there is no

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## Issues and analysis

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

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

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**Reasoning:** The court noted that the application for withdrawal was moved under Section 12A of the

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP applications if a

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**Application:** In this case, since the COC consisted solely of the Operational Creditor and

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## Parties

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

## 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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