Cosmo World Vs Victory Electric Vehicles International Limited (NCLT Delhi)
NCLT Delhi held that application filed u/s. 12A of Insolvency and Bankruptcy Code [IBC] for withdrawal of CIRP allowed as unconditional consent accorded by the sole Financial Creditor. Accordingly, application allowed.
Facts- The instant interlocutory application by Mrs. Neha Bhasin; the Resolution Professional of M/s. Victory Electric Vehicles International Limited (“Corporate Debtor”), is filed u/s 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) Regulations, 2016 seeking withdrawal of the Corporate Insolvency Resolution Process initiated against the Corporate Debtor, vide order dated 09.05.2025 passed by this Tribunal in the captioned Company Petition.
Conclusion- In our view the above provisions have been impliedly complied with by giving a no objection by the sole Financial Creditor i.e. HDFC Bank through an affidavit referred to in para 13 of this order. At this juncture we note that the whole conspectus of the facts was put before the Hon’ble NCLAT and the Hon’ble NCLAT directed us to dispose of the instant IA in the background of the fact that the only Financial Creditor has given no objection. We have verified the fact that the only Financial Creditor HDFC Bank has given unconditional consent that amounts to 100% in terms of approval required by Section 12A IBC.
