# In the matter of Vibrus Homes Private Limited I.A. No. 665 of 2022 in Company Petition (IB) No. 158-ND-2020

> NCLT judgment dated 2022-05-23. Citation: TCN-2022-NCLT-02676. The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 23 May 2022
- **Citation:** TCN-2022-NCLT-02676
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vibrus-homes-private-limited-ia-no-665-of-2022-in-company-petition-ib-no-158-nd-122404fa

## Summary

### Background

The case involves an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulation, 2016, seeking withdrawal of the Corporate Debtor from the Corporate Insolvency Resolution Process. The applicant, through the Interim Resolution Professional (IRP), filed the application based on Form-FA received from the applicant, on whose application the CIRP was initiated against the Corporate Debtor. The IRP confirmed that costs and fees have been received.

## Facts

Ashmira Housing Private Limited, an Operational Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against Vibrus Homes Private Limited, the Corporate Debtor. Mr. Vivek Kumar was appointed as the Interim Resolution Professional (IRP). Subsequently, an application (I.A. No. 665 of 2022) was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the CIRP. The IRP received Form FA from the applicant before the constitution of the Committee of Creditors (CoC). The IRP also confirmed that all costs and fees had been received. A Financial Creditor had submitted a claim before the IRP. The application for withdrawal was based on a settlement. The relevance of the IRP receiving Form FA before the CoC constitution is that

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the withdrawal of a Corporate Debtor from the …

**Ratio:** Section 12A of the IBC, 2016, allows for withdrawal of an application admitted under

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**Reasoning:** The court reasoned that while Section 12A generally requires CoC approval, Regulation 30A

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**Interpretation:** Section 12A is interpreted as the general rule for withdrawal after the CoC is

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**Application:** In this case, the application for withdrawal was filed before the constitution

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## Parties

- **Judges:** Sh. Abni Ranjan…; Sh. Hemant Kumar…
- **Appellants:** Ashmira Housing…
- **Respondents:** Vibrus Homes…

## Timeline

- **2020-01-01 — Company Petiti…**: Company Petition (IB) No.…
- **2022-01-16 — Claim Receive…**: The IRP received 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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