# In the matter of Unimac Plastic Technology Pvt. Ltd.

> NCLT judgment dated 2024-02-19. Citation: TCN-2024-NCLT-02528. The application IA(IBC)/2434/CHE/2023 was filed in CP(IB)/85(CHE)/2023 under Section 12A of the…

- **Court:** NCLT
- **Order date:** 19 Feb 2024
- **Citation:** TCN-2024-NCLT-02528
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/unimac-plastic-technology-pvt-ltd-67e255e2

## Summary

### Background

The application IA(IBC)/2434/CHE/2023 was filed in CP(IB)/85(CHE)/2023 under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Unimac Plastic Technology Private Limited. The CIRP was initiated by the Tribunal vide order dated 31.08.2023, and the Applicant, Satyadevi Alamuri, was appointed as the Interim Resolution Professional (IRP). The Committee of Creditors (CoC) was constituted with Bank of India, Guindy Branch, as the sole Financial Creditor with 100% voting. The 2nd Respondent, Shriram Finance Limited, who filed the Section 7 Petition, did not file any claim with the IRP. The Applicant received Form FA for withdrawal of CIRP

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## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Unimac Plastic Technology Private Limited, and Satyadevi Alamuri was appointed as the Interim Resolution Professional (IRP) on 31.08.2023. Bank of India, Guindy Branch, was the sole Financial Creditor with 100% voting power in the Committee of Creditors (CoC). Shriram Finance Limited, the original applicant under Section 7, did not file a claim with the IRP. The first CoC meeting was held on 09.10.2023, where the status of the CIRP, the Corporate Debtor, and an appeal filed by the suspended Director before NCLAT were discussed. The CoC deferred the agenda to ratify expenses and appoint a Resolution Professional due to the possibility of settlement. The second CoC meeting on 10.11.2023 also saw the

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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 Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of

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**Reasoning:** The CoC unanimously voted for the withdrawal of CIRP in its 3rd meeting held on

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**Interpretation:** Section 12A provides a mechanism for the withdrawal of CIRP if the CoC,

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

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** SATYADEVI A…
- **Respondents:** Unimac Plastic…; Bank of…

## Timeline

- **2023-08-31 — CIRP Init…**: The Tribunal initiated the Corporate Insolvency Resolution Process (CIRP) against Unimac…
- **2023-08-31 — Appointment…**: Satyadevi Alamuri was appointed as the…

## 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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