# 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-02517. 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-02517
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/chennai-city-football-club-pvt-ltd-ma-02-2020-in-cp-1302-ib-2018-9ba3eb09

## 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 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 was rejected on 2019-12-11, directing the IRP to publish in newspapers and await claim acceptance. The 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 issued on 2019-12-12, stating the last

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## Facts

Mr. P. Sriram was appointed as the Interim Resolution Professional (IRP) by the Tribunal following an application filed by the Operational Creditor, Mr. J. Sridhar of Loyal Enterprises, Coimbatore. The initial application was admitted on 2019-12-04. Subsequently, an application was filed under Section 12A of the IBC, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP). An earlier application for withdrawal (MA/1352/2019) was rejected on 2019-12-11, and the IRP was directed to publish a notice in newspapers. The publication was carried out in 'News Today' and 'Malai Chudar' on 2019-12-11. A mistake in the publication regarding the last date for acceptance of claims was rectified by a corrigendum issued on 2019-12-12, setting the last date as

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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 Tribunal reasoned that the sole Operational Creditor, who forms part of the CoC, had

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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 sole Operational Creditor, being the only member of the CoC,

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## Parties

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

## Timeline

- **2018-01-01 — CP/1302/I…**: Filing of the initial…
- **2019-12-04 — Order Da…**: Tribunal order dated 2019-12-04 admitting the application filed by the Operational…

## 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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