# In the matter of Ted Travel & Experiences Private Limited

> NCLT judgment dated 2024-06-03. Citation: TCN-2024-NCLT-01261. The application IA/417/2024 was filed by the IRP under Section 12A of the IBC, 2016 read with…

- **Court:** NCLT
- **Order date:** 3 Jun 2024
- **Citation:** TCN-2024-NCLT-01261
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ted-travel-experiences-private-limited-597f2138

## Summary

### Background

The application IA/417/2024 was filed by the IRP under Section 12A of the IBC, 2016 read with Regulation 30A seeking liberty to withdraw the Section 9 petition i.e. IB-2417/ND/2019. The Section 9 petition was admitted by the Adjudicating Authority vide order dated 19.03.2021. The CoC in its meeting held on 24.01.2024 by 100% voting considered a proposal for withdrawal and resolved that an application for withdrawal of the CIRP be filed before the Adjudicating Authority.

## Facts

M/s. Tek Travels Pvt. Ltd. filed a Section 9 petition under the IBC, 2016 against M/s. Ted Travels and Experiences Pvt. Ltd. The petition was admitted by the Adjudicating Authority on 19.03.2021. Subsequently, the Committee of Creditors (CoC) convened on 24.01.2024 and unanimously (100% voting) approved a proposal to withdraw the CIRP. An application (IA/417/2024) was then filed by the IRP under Section 12A of the IBC, 2016 read with Regulation 30A seeking permission to withdraw the Section 9 petition. The matter was settled with the Corporate Debtor, and all CIRP expenses were paid. The relevance of the facts lies in demonstrating the progression of the CIRP, the CoC's decision to withdraw, and the subsequent application for withdrawal based on settlement and payment

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the IBC, 2016 should be …

**Ratio:** Section 12A of the IBC, 2016 read with Regulation 30A of the IBBI, CIRP Regulations, 2016

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**Reasoning:** The court reasoned that since the CoC had approved the withdrawal with 100% voting and

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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 100% voting, and the matter

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** M/s. Tek Travels…
- **Respondents:** M/s. Ted Travels…

## Timeline

- **2021-03-19 — Admission of Section 9…**: The Adjudicating Authority admitted the Section 9 petition filed by M/s. Tek Travels Pvt.…
- **2024-01-24 — CoC Meet…**: The Committee of Creditors (CoC) held a meeting and approved the withdrawal of the CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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