# In the matter of BUSINESS BROADCAST NEWS PRIVATE LIMITED

> NCLT judgment dated 2021-02-01. Citation: TCN-2021-NCLT-03170. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 1 Feb 2021
- **Citation:** TCN-2021-NCLT-03170
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/business-broadcast-news-private-limited-13fa750d

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Cogencis Information Services Ltd. The CIRP was initiated on 04.01.2021. The Interim Resolution Professional (IRP) received Form FA on 17.01.2021, with the last date for receiving claims being 18.01.2021. The promoters of the company had taken over the company in August 2020 and were unaware of the pending application before the Tribunal. Upon being informed by the IRP, they immediately settled the dues, and the Operational Creditor filed Form-FA through the RP.

## Facts

Cogencis Information Services Ltd. was undergoing CIRP, initiated on 04.01.2021. The IRP received Form FA on 17.01.2021, and the last date for receiving claims was 18.01.2021. The promoters of the company had taken over in August 2020 and were unaware of the pending application. Upon being informed by the IRP, they settled the dues, and the Operational Creditor filed Form-FA through the RP. Consent Terms were drawn between the parties and filed before the Tribunal. The application for withdrawal of CIRP was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016.

## Issues and analysis

### Issue 1: Whether the Tribunal can allow the withdrawal of CIRP under Section 12A of the Insolvency and …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of

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**Reasoning:** The Tribunal considered the Consent Terms drawn between the parties and the Form-FA filed

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP if certain conditions

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**Application:** In this case, the Tribunal applied Section 12A by considering the Consent Terms

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## Parties

- **Judges:** RAJESH S…; SUCHITRAKAN…
- **Respondents:** Cogencis Informati…; Business Broadcast…

## Timeline

- **2021-01-04 — CIRP Init…**: CIRP against the…
- **2021-01-17 — Form FA Re…**: The IRP received Form…

## 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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