# In the matter of Vignesh Alutech Pvt. Ltd. IA No. 231-JPR-2020  IA No. 04,45 & 65-JPR-2022 in MA (IBC) No. 07-JJPR-2019 & Cont. A No. (IB)-01-JPR-2022

> NCLT judgment dated 2022-09-30. Citation: TCN-2022-NCLT-00877. The case involves an application for withdrawal of a corporate insolvency resolution process…

- **Court:** NCLT
- **Order date:** 30 Sept 2022
- **Citation:** TCN-2022-NCLT-00877
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vignesh-alutech-pvt-ltd-ia-no-231-jpr-2020-ia-no-0445-65-jpr-2022-in-ma-ibc-no-0-aef32701

## Summary

### Background

The case involves an application for withdrawal of a corporate insolvency resolution process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016. The Resolution Professional (RP) filed the application, supported by a 100% mandate from the Committee of Creditors (CoC). The application was pending before the Adjudicating Authority under Section 9 of the IBC, 2016.

## Facts

Dinesh Aggarwal, the Operational Creditor/Applicant, initiated a Corporate Insolvency Resolution Process (CIRP) against M/s Vignesh Alutech India Pvt. Ltd., the Corporate Debtor/Respondent. The Resolution Professional (RP) filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Rule 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process of Corporate Person) Regulations, 2016, seeking withdrawal of the CIRP. The Committee of Creditors (CoC) approved the withdrawal with a 100% mandate. The application was pending before the Adjudicating Authority under Section 9 of the IBC, 2016. The RP prayed for the withdrawal, and the court granted permission. Consequently, MA (IBC) No. 07/JPR/2022 was allowed, and CP

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the withdrawal of a Corporate Insolvency Resolution …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of a

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**Reasoning:** The court reasoned that since the CoC had approved the withdrawal with a 100% mandate,

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**Interpretation:** Section 12A provides a mechanism for parties to settle disputes and withdraw

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**Application:** In this case, the CoC's 100% approval satisfied the requirement of Section 12A,

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Dinesh Ag…
- **Respondents:** M/s Vignesh…

## Timeline

- **2019-01-01 — CP No. (IB)- 42/9/JPR/20…**: Corporate Insolvency…
- **2022-01-01 — Cont. A. No. 01/JPR/2022…**: Contempt Application…

## 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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