# In the matter of Chennai City Football Club Pvt. Ltd. MA-02-2020 in CP-1302-IB-2018

> NCLT judgment dated 2020-01-06. Citation: TCN-2020-NCLT-02520. The application was moved by the applicant, Mr. P. Sriram, the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 6 Jan 2020
- **Citation:** TCN-2020-NCLT-02520
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/chennai-city-football-club-pvt-ltd-ma-02-2020-in-cp-1302-ib-2018-272bfa69

## Summary

### Background

The application was moved by the applicant, Mr. P. Sriram, the Interim Resolution Professional (IRP) appointed by the Tribunal. The initial application was filed by the Operational Creditor, Mr. J. Sridhar of M/s. Loyal Enterprises, Coimbatore, with an order dated 2019-12-04. The present application seeks withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the IBC, 2016. An earlier application, MA/1352/2019, under Section 12A of IBC, 2016, was rejected on 2019-12-11, directing the IRP to publish in the paper and await the claim period. The application was filed after paper publication in 'News Today' and 'Malai Chudar' on 2019-12-11. A mistake by the publisher regarding the last date for claim acceptance was rectified by a corrigendum

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## Facts

Mr. P. Sriram was appointed as the Interim Resolution Professional (IRP) by the Tribunal. Mr. J. Sridhar of M/s. Loyal Enterprises, Coimbatore, filed the initial application as an Operational Creditor. The Tribunal issued an order on 2019-12-04. The current application seeks withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the IBC, 2016. An earlier application, MA/1352/2019, under Section 12A of IBC, 2016, was rejected on 2019-12-11, with directions for paper publication and awaiting the claim period. Paper publication was done in 'News Today' and 'Malai Chudar' on 2019-12-11. A mistake in the publication regarding the last date for claim acceptance was rectified by a corrigendum on 2019-12-12. The only claim received was from the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process under Section …

**Ratio:** Section 12A of the IBC, 2016, allows for the withdrawal of the CIRP with the approval of

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**Reasoning:** The court reasoned that the only claim received was from the Operational Creditor, who

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**Interpretation:** Section 12A of the IBC is interpreted to facilitate settlements between the

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**Application:** In this case, the ratio and reasoning were applied to the specific facts where

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## Parties

- **Judges:** SHRIR VARAD…; SHRI. ANIL…
- **Appellants:** P SRIRAM…
- **Respondents:** CHENNAI CITY…

## Timeline

- **2019-12-04 — Order Da…**: Order issued by the Tribunal regarding the…
- **2019-12-11 — Rejection of MA/1352/201…**: Tribunal rejected MA/1352/2019 and…

## 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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