# In the matter of Sri Lakshmi Saraswathi Impeex (India) Limited

> NCLT judgment dated 2024-03-20. Citation: TCN-2024-NCLT-02013. The case involves an application (IA(IBC)/744(CHE)/2024) filed in relation to an ongoing…

- **Court:** NCLT
- **Order date:** 20 Mar 2024
- **Citation:** TCN-2024-NCLT-02013
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sri-lakshmi-saraswathi-impeex-india-limited-18666ff7

## Summary

### Background

The case involves an application (IA(IBC)/744(CHE)/2024) filed in relation to an ongoing Corporate Insolvency Resolution Process (CIRP) against Sri Lakshmi Saraswathi Impeex (India) Limited (Corporate Debtor). The CIRP was initiated based on an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) filed by Ramanuj Cotton Corporation (Coimbatore), an operational creditor. The Interim Resolution Professional (IRP) was appointed. Subsequently, the CoC was formed, comprising operational creditors, as no financial creditors submitted claims. The CoC and the Suspended Directors reached a consensus for settlement, leading to the operational creditors handing over Form FA to the IRP. An application was then filed under Section 12A of the IBC for withdrawal of

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## Facts

The Corporate Debtor, Sri Lakshmi Saraswathi Impeex (India) Limited, was admitted into CIRP on 2023-09-25 based on an application filed under Section 9 of the IBC by Ramanuj Cotton Corporation (Coimbatore), an operational creditor. The IRP was appointed and made public announcements, inviting claims. No financial creditors submitted claims, resulting in a CoC comprising only operational creditors. The operational creditors were Ramanuj Cotton Corporation (88.16% voting share) and Riddhi Siddhi Cotex Private Limited (11.84% voting share). The CoC and the Suspended Directors reached a consensus for settlement. The operational creditors handed over Form FA to the IRP on 2024-03-11. The 4th CoC meeting was held on 2024-03-16, where Form FA was placed. The CoC unanimously

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 12A of the IBC allows the Adjudicating Authority to permit the withdrawal of an

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**Reasoning:** The court considered that the CoC, comprising the operational creditors, unanimously

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

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**Application:** In this case, the CoC approved the withdrawal with a 100% voting share,

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Ramanuj Cotton…
- **Respondents:** Lakshmi Saraswathi…; Lakshmi Saraswathi…

## Timeline

- **2023-09-25 — CIRP Init…**: Corporate Debtor admitted into CIRP based on Section 9 application by Ramanuj Cotton…
- **2024-03-07 — DD Issued to Operational…**: Operational creditors…

## 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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