# In the matter of Samay Electronics Pvt. Ltd. IA-1122 & IA-1123(AHM)2022 in CP(IB) 249 of 2018

> NCLT judgment dated 2022-12-19. Citation: TCN-2022-NCLT-00107. The case involves proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC). JM…

- **Court:** NCLT
- **Order date:** 19 Dec 2022
- **Citation:** TCN-2022-NCLT-00107
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/samay-electronics-pvt-ltd-ia-1122-ia-1123ahm2022-in-cpib-249-of-2018-893851fc

## Summary

### Background

The case involves proceedings under Section 7 of the Insolvency and Bankruptcy Code (IBC). JM Financial Asset Reconstruction Company Ltd filed an application against Samay Electronics Pvt Ltd. The Resolution Professional (RP) filed applications IA/1122(AHM)2022 for submitting a report and IA/1123(AHM)2022 under Section 12A of IBC for withdrawal of the Corporate Insolvency Resolution Process (CIRP).

## Facts

JM Financial Asset Reconstruction Company Ltd filed an application under Section 7 of the IBC against Samay Electronics Pvt Ltd. The Resolution Professional (RP) filed IA/1122(AHM)2022 to submit a report, which the court took on record. The RP also filed IA/1123(AHM)2022 under Section 12A of the IBC to withdraw the CIRP. The CoC, consisting of only one member (JM Financial Asset Reconstruction Company Ltd), voted with 100% share in favor of withdrawing the CIRP. The RP received no claims from other creditors. The CoC passed a resolution on 2022-12-03 to withdraw the application.

## Issues and analysis

### Issue 1: Whether IA/1122(AHM)2022 should be disposed of …

**Ratio:** The court has the power to take reports submitted by the RP on record and dispose of

…

**Reasoning:** The application IA/1122(AHM)2022 was filed by the RP for submitting a report. Taking the

…

**Interpretation:** The court interprets its power to include the ability to manage the CIRP

…

**Application:** The court took the RP's report on record and disposed of IA/1122(AHM)2022,

…

## Parties

- **Judges:** Madan B.…; Mr.Kaushalendra…
- **Appellants:** JM Financial…
- **Respondents:** Samay Electronics…

## Timeline

- **2022-12-03 — CoC Resol…**: The CoC passed a resolution with 100% voting…
- **2022-12-19 — Order Del…**: The NCLT delivered the order…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

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/samay-electronics-pvt-ltd-ia-1122-ia-1123ahm2022-in-cpib-249-of-2018-893851fc