# In the matter of BIZ AD Optimiser Pvt. Ltd. IB-1651-ND-2019

> NCLT judgment dated 2020-06-26. Citation: TCN-2020-NCLT-01107. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 26 Jun 2020
- **Citation:** TCN-2020-NCLT-01107
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/biz-ad-optimiser-pvt-ltd-ib-1651-nd-2019-bf3cc331

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). An application under Section 12A of the IBC, 2016 read with Regulation 30 A of IBBI Regulations 2016 read with rule 11 of the NCLT Rules 2016 was filed seeking withdrawal of the application.

## Facts

An application was filed under Section 9 of the IBC. Subsequently, an application under Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI Regulations 2016 and Rule 11 of the NCLT Rules 2016, was filed seeking withdrawal of the initial application. The court heard the submissions of the learned counsel for the operational creditor and the IRP. The court then allowed the withdrawal application and dismissed the matter as withdrawn, freeing the company from the IRP process under the IBC. The reasons for allowing the withdrawal were stated in the said application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the insolvency application filed under Section 9 of the …

**Ratio:** Section 12A of the IBC, read with Regulation 30A of the IBBI Regulations and Rule 11 of

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**Reasoning:** The court allowed the withdrawal application based on the reasons stated in the

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

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**Application:** In this case, the court, after considering the application for withdrawal and

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## Parties

- **Judges:** SHRI. P.S.N.…; SHRI, NARENDER…
- **Appellants:** M/s Adfusio…
- **Respondents:** M/s. BIZ AD…

## Timeline

- **2020-06-26 — Order Del…**: Order delivered on 26.06.2020 regarding…

## 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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