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

> NCLT judgment dated 2023-10-30. Citation: TCN-2023-NCLT-01000. 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-01000
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rsv-earth-enterprises-pvt-ltd-e89fec80

## Summary

### Background

The application IA No. 525/2023 was filed for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) concerning the Corporate Debtor, M/S RSV Earth Enterprises PVT LTD. After the initiation of the CIRP, an advertisement was issued in "Financial Express" (English) and "Jansatta" (Hindi) on September 17, 2023. However, no claims were received except from the Operational Creditor, who is also the applicant. The Committee of Creditors (COC) comprised only the Operational Creditor, and the withdrawal of the petition was considered. 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

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## Facts

The application IA No. 525/2023 was filed for the withdrawal of the CIRP with respect to the Corporate Debtor, M/S RSV Earth Enterprises PVT LTD. After the initiation of the CIRP, an advertisement was issued in "Financial Express" and "Jansatta" on September 17, 2023, but no claims were received except from the Operational Creditor. The COC comprised only the Operational Creditor. The Agenda Item concerning the withdrawal was reflected at page No. 79 of the application. The resolution was passed by the COC as per Resolution placed at page No.86. The Corporate Debtor has no tangible assets, no business, and no possibility to revive the company. The Directors (Power Suspended) of RSV Earth Enterprises Private Limited are not contactable. Promoters of

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## Issues and analysis

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

**Ratio:** The principle is that if a corporate debtor has no tangible assets, no business, and no

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**Reasoning:** The court reasoned that the Corporate Debtor's lack of tangible assets, business, and the

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**Interpretation:** This interprets that the absence of assets and the inability to contact key

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

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## Parties

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

## Timeline

- **2023-09-17 — Advertisement…**: Advertisement issued in “Financial Express”…
- **2023-10-30 — Order Da…**: Date of the order allowing…

## 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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