# In the matter of VS Omnitrade India Pvt. Ltd.

> NCLT judgment dated 2023-11-22. Citation: TCN-2023-NCLT-00646. The case pertains to IA/5343/2023 in C.P. (IB)/670(MB)2021 before the National Company Law…

- **Court:** NCLT
- **Order date:** 22 Nov 2023
- **Citation:** TCN-2023-NCLT-00646
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vs-omnitrade-india-pvt-ltd-8c84c814

## Summary

### Background

The case pertains to IA/5343/2023 in C.P. (IB)/670(MB)2021 before the National Company Law Tribunal, Mumbai Bench. The IA was filed by the Resolution Professional (RP) seeking withdrawal of the application under Section 12A of the Insolvency and Bankruptcy Code, 2016.

## Facts

M/s. Tata Capital Financial Services Ltd. filed a petition against VS Omnitrade India Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) subsequently filed IA 5343 of 2023 seeking withdrawal of the application under Section 12A, based on the approval of 100% of the Committee of Creditors (CoC) in their meeting held on 13.10.2023. The key fact is the unanimous approval of the CoC for the withdrawal, which influenced the court's decision.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** The legal principle applied is that the Adjudicating Authority (NCLT) has the discretion

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**Reasoning:** The court reasoned that since 100% of the CoC members approved the withdrawal in their

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**Interpretation:** Section 12A of the IBC allows for the withdrawal of an application admitted

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**Application:** In this case, the RP filed IA 5343 of 2023 seeking withdrawal, and the CoC

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## Parties

- **Judges:** SHRI. K R SAJI…; Madhu S…
- **Appellants:** M/s. Tata Capital…
- **Respondents:** VS Omnitrade…

## Timeline

- **2023-10-13 — CoC Meet…**: Meeting of the Committee of Creditors (CoC) where 100% of the members approved the…
- **2023-11-22 — Order Del…**: The NCLT delivered the order allowing the withdrawal of the Original CP and disposing of…

## 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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