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Judgment
ORDER
Vide separate order pronounced in the Open Court, the application filed under Section 12A is allowed. The CIRP initiated against the Corporate Debtor, Ramalingam Construction Company Private Limited stands withdrawn.
The Applicant is directed to hand over the management to the Board of Directors whose powers stood suspended by virtue of the initiation of the CIRP by this Tribunal while admitting the petition in CP(IB)/185(CHE)/2024 vide order dated 30th October, 2025. The Applicant is discharged from all his responsibilities. The Corporate Debtor shall operate through its own Board.
O R D E R
IA 2077 of CHE 2025 has been filed seeking following reliefs:
A. INTERIM PRAYER(S)
This Bench may pass such interim order(s)/direction(s) as this Bench may deem fit and proper in the facts and circumstances of the case for conduct of corporate insolvency resolution process of the corporate debtor during the pendency of this present Application.
B. FINAL PRAYER(S)
a. Allow withdrawal of the corporate insolvency resolution process of Ramalingam Construction Company Pvt. Ltd. ("Corporate Debtor") in view of the Form FA dated 04.12.2025, and settlement letter dated 02.12.2025, filed by Operational Creditor viz., SBI Capital Markets Limited;
b. Direct to discharge the IRP from the continuation of Corporate Insolvency Resolution Process and handover the management and affairs of the Corporate Debtor back to the erstwhile management/directors of Corporate Debtor;
c. Pass any such and further orders as this Hon'ble Tribunal may deem fit in the facts and circumstances of the present case.
This application has been filed by the Interim Resolution Professional of Ramalingam Construction Company Private Limited, [CIN NO U45202TZ2008PTC014881] the Corporate Debtor , under section 12A of Insolvency Bankruptcy Code 2016 (IBC) seeking permission to withdraw the Company Petition No. CP(IB)/185(CHE)/2024 whereby the Corporate Debtor was admitted into (Corporate Insolvency Resolution Process) CIRP on 30th October 2025 and Mr. Radhakrishnan Gopal was appointed as IRP .
It is stated that applicant received copy of the tribunal’s order on 03rd November 2025 and communicated the same to Corporate Debtor on 04.11.2025. It is stated that on the same date Corporate Debtor served a notice of hearing of Comp Appeal AT CH INS 558 of 2025 on him.
It is stated that as per Section 15 of IBC, the applicant made public announcement in Form A inviting claims from creditors in Trinity Mirror and Makkal Kural newspapers on 05.11.2025. As per public announcement, last date for submission of claims was 17.11.2025 and last date for verification of claims was 26.11.2025 and the due date for filing report constituting the CoC was 26.11.2025.
It is stated that Hon’ble NCLAT vide order dated 06.11.2025 granted interim stay on the operation of the order dated 30.10.2025 passed by this tribunal admitting the Corporate Debtor into CIRP.
It is stated that applicant received application of withdrawal in the prescribed form FA dated 04.12.2025 signed by Operational Creditor, i.e. SBI Capital Markets Ltd in pursuance of Section 12A of IBC read with Regulation 30A of CIRP regulations. It is stated that copy of the Settlement Agreement dated 02.12.2025 signed between suspended director of Corporate Debtor and Operational Creditor was also forwarded to him (IRP) (Page 57 to 62 of the application). The full and final settlement amount is stated to be Rs. 50 lakhs.
Copy of Form FA is appended below:
It is stated that due to interim stay granted against CIRP order by Hon’ble NCLAT on 06.11.2025, IRP could not proceed to form Committee of Creditors and perform subsequent activities relating to CIRP.
The legal provisions of withdrawal set out in Section 12A of IBC and Regulation 30A of CIRP Regulations are as under:
1[12A. Withdrawal of application admitted under section 7, 9 or
10.—The Adjudicating Authority may allow the withdrawal of application admitted under section 7 or section 9 or section 10, on an application made by the applicant with the approval of ninety per cent. voting share of the committee of creditors, in such manner as may be specified.]
Regulation 30A Withdrawal of application
(1)An application for withdrawal under section 12A may be made to the Adjudicating Authority –
(a)before the constitution of the committee, by the applicant through the interim resolution professional;
(b)after the constitution of the committee, by the applicant through the interim resolution professional or the resolution professional, as the case may be:
Provided that where the application is made under clause (b) after the issue of invitation for expression of interest under regulation 36A, the applicant shall state the reasons justifying withdrawal after issue of such invitation.
(2)The application under sub-regulation (1) shall be made in Form FA of the Schedule I accompanied by a bank guarantee-
(a)towards estimated expenses incurred on or by the interim resolution professional for purposes of regulation 33, till the date of filing of the application under clause (a) of sub-regulation (1); or
(b)towards estimated expenses incurred for purposes of clauses (aa), (ab), (c) and (d) of regulation 31, till the date of filing of the application under clause (b) of sub-regulation (1).
(3)Where an application for withdrawal is under clause (a) of sub-regulation (1), the interim resolution professional shall submit the application to the Adjudicating Authority on behalf of the applicant, within three days of its receipt.
(4)Where an application for withdrawal is under clause (b) of sub-regulation (1), the committee shall consider the application, within seven days of its receipt.
(5)Where the application referred to in sub-regulation (4) is approved by the committee with ninety percent voting share, the resolution professional shall submit such application along with the approval of the committee, to the Adjudicating Authority on behalf of the applicant, within three days of such approval.
(6)The Adjudicating Authority may, by order, approve the application submitted under sub-regulation (3) or (5).
(7)Where the application is approved under sub-regulation (6), the applicant shall deposit an amount, towards the actual expenses incurred for the purposes referred to in clause (a) or clause (b) of sub-regulation (2) till the date of approval by the Adjudicating Authority, as determined by the interim resolution professional or resolution professional, as the case may be, within three days of such approval, in the bank account of the corporate debtor, failing which the bank guarantee received under sub-regulation (2) shall be invoked, without prejudice to any other action permissible against the applicant under the Code.
In the present case, withdrawal application has been filed before formation of COC. As per Regulation 30A, application has been filed by the Financial Creditor through IRP along with Form FA submitted by the Petitioner. IRP states that the CIRP cost has been paid.
It is stated that Hon’ble NCLAT based on the terms of Settlement Agreement dated 02.12.2025 and submission of Form FA , closed the Company Appeal AT CH INS 558 OF 2025 on 18.12.2025.
It is stated that applicant IRP, as on last date for receipt of claims, received claims from 3 operational creditors. It is stated that no financial creditors filed their claim.
A memo dated 08th Feb 2026 has been filed on behalf of Corporate Debtor stating that they have dealt with the claims filed by the claimants before IRP to the full satisfaction of the claimants. The details of claims and the action taken are appended below:
During the hearing held on 09.02.2026, Ld. Counsel for IRP submitted that dues of IRP including his fees and CIRP expenses have been fully received by him and he has no objection in allowing the application. Ld. Counsel for the Petitioner/Financial Creditor states that Form FA has been filed and it has no objection in allowing the Section 12A application.
Based on the above analysis, as the withdrawal application is complying with the provisions of law, we allow the Application IA(IBC)2077/CHE/2025. In the circumstances, CP(IB)/185(CHE)/2024 stands withdrawn. Consequently, the CIRP initiated against the Corporate Debtor Ramalingam Construction Company Private Limited, [CIN NO U45202TZ2008PTC014881] stands withdrawn.
The Applicant is directed to hand over the management to the Board of Directors , whose powers stood suspended by virtue of the initiation of the CIRP by this Tribunal while admitting the Petition in CP(IB)/185(CHE)/2024 vide Order dated 30th October 2025. The Corporate Debtor is released from all rigours of the IBC, 2016. The Applicant is discharged from all her responsibilities. The Corporate Debtor shall operate through its own Board.
Accordingly, IA(IBC)2077/CHE/2025 stands allowed. The main Company Petition viz., CP(IB)/185(CHE)/2024 stands dismissed as withdrawn. File be consigned to records.