# In the matter of Umang Town Planner Pvt. Ltd. IA-901 & 2957-ND-2022 in IB-170-ND-2020

> NCLT judgment dated 2022-09-05. Citation: TCN-2022-NCLT-01166. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 5 Sept 2022
- **Citation:** TCN-2022-NCLT-01166
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/umang-town-planner-pvt-ltd-ia-901-2957-nd-2022-in-ib-170-nd-2020-8c5a0fe2

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Umang Town Planner Pvt Ltd. The CIRP was originally initiated by the Operational Creditor, Rajiv Tiwari, under IB/170/ND/2020. The application for withdrawal was filed in IB/170/ND/2020 seeking withdrawal of CIRP initiated vide order dated 21.12.2021.

## Facts

Rajiv Tiwari, an Operational Creditor, initiated CIRP against Umang Town Planner Pvt Ltd. under IB/170/ND/2020. An application was filed to withdraw the CIRP, with the Resolution Professional (RP) submitting Form-FA on behalf of HDFC Bank Limited, the sole Financial Creditor. The RP stated that all CIRP regulations, specifically regulation 30(A), were fulfilled, and all costs were paid. The court was requested to close the CIRP proceedings. The court noted that bailable warrants issued on 27.05.2022 were executed, and the respondents were present. The bailable warrants issued on 02.06.2022 were withdrawn.

## Issues and analysis

### Issue 1: Whether the CIRP initiated against Umang Town Planner Pvt Ltd. should be closed based on the …

**Ratio:** The legal principle applied is that if the requirements for withdrawing a CIRP are met,

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**Reasoning:** The court reasoned that the RP's submission in Form-FA, confirming compliance with

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**Interpretation:** This interpretation aligns with the objective of the Insolvency and Bankruptcy

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash K.…
- **Appellants:** Rajiv T…
- **Respondents:** Umang Town…
- **Advocates:** Rajeev Shri…; Milan Sing…

## Timeline

- **2021-12-21 — CIRP Init…**: CIRP initiated vide order dated 21.12.2021 in IB/170/ND/2020 filed by the Operational…
- **2022-05-27 — Bailable Warran…**: Bailable warrants issued by this Tribunal vide order dated 27.05.2022 have been executed…

## 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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