# In the matter of U S Realty Pvt. Ltd. I.A. 1023-2022, I.A. 2070-2020, I.A. 1720,1933 & 2261-2021 in C.P.(IB)-2685(MB)-2019

> NCLT judgment dated 2022-04-26. Citation: TCN-2022-NCLT-03065. The case involves an application (I.A. 1023/2022) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 26 Apr 2022
- **Citation:** TCN-2022-NCLT-03065
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/u-s-realty-pvt-ltd-ia-1023-2022-ia-2070-2020-ia-17201933-2261-2021-in-cpib-2685m-a49fcf74

## Summary

### Background

The case involves an application (I.A. 1023/2022) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) order that was previously passed against the Corporate Debtor. The Corporate Debtor is U S Realty Pvt Ltd.

## Facts

The Interim Resolution Professional (IRP) filed an application (I.A. 1023/2022) under Section 12A of the Insolvency and Bankruptcy Code to withdraw the CIRP order against the Corporate Debtor, U S Realty Pvt Ltd. The CoC approved the withdrawal in its 12th meeting on 2022-03-29 with 100% voting share, indicating a settlement. The IRP confirmed receipt of CIRP costs, including fees. The original CIRP order was issued on 2020-01-29. The application for withdrawal was deemed appropriate by the court.

## Issues and analysis

### Issue 1: Whether the application filed by the IRP under Section 12A of the Insolvency and Bankruptcy Code …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code allows for the withdrawal of CIRP under

…

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

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**Interpretation:** Section 12A is interpreted to allow withdrawal of CIRP when the CoC,

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**Application:** In this case, the CoC's unanimous approval and the IRP's confirmation of

…

## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Bank of B…
- **Respondents:** U S Realty Pvt…

## Timeline

- **2020-01-29 — CIRP Ord…**: CIRP order was passed…
- **2022-03-29 — CoC Meet…**: The CoC in its 12th meeting passed a Resolution for withdrawal of the CIRP with 100%…

## 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)

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