# In the matter of Zorek Education Technologies Pvt Ltd

> NCLT judgment dated 2024-09-03. Citation: TCN-2024-NCLT-00690. The document pertains to a case before the National Company Law Tribunal (NCLT), Hyderabad…

- **Court:** NCLT
- **Order date:** 3 Sept 2024
- **Citation:** TCN-2024-NCLT-00690
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/zorek-education-technologies-pvt-ltd-7433d952

## Summary

### Background

The document pertains to a case before the National Company Law Tribunal (NCLT), Hyderabad Bench, concerning IA (IBC)/1808/2024 in Company Petition IB/190/9/2022. The application has been filed under Section 12A for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (CD).

## Facts

An application, IA (IBC)/1808/2024 in Company Petition IB/190/9/2022, was filed before the National Company Law Tribunal (NCLT), Hyderabad Bench. The application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Resolution Professional, Mr. Ramana Reddy, was present. Counsel Mr. M.M. Viswaraj represented the Resolution Professional, and PCS Ms. Devangi represented the Financial Creditor. The court noted that compliance with the provisions had been met. Therefore, the application was allowed, and the CIRP of the Corporate Debtor was withdrawn, and the Resolution Professional was discharged.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CIRP …

**Ratio:** Section 12A of the IBC allows for the withdrawal of CIRP if certain conditions are met,

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**Reasoning:** The court reasoned that the application was filed under Section 12A for the withdrawal of

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**Interpretation:** Section 12A provides a mechanism for withdrawing CIRP, balancing the interests

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**Application:** The court applied Section 12A to the facts of the case, noting that the

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Appellants:** Opti…
- **Respondents:** Zorek Education…

## Timeline

- **2022-09-01 — Company Petiti…**: Company Petition…
- **2024-09-03 — Hearing…**: Hearing held on 03.09.2024 at 10:30…

## 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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