# In the matter of City Bzr Fashions And Retail Private Limited

> NCLT judgment dated 2019-03-04. Citation: TCN-2019-NCLT-04598. The case involves an application (CA(IB) No. 272/KB/2019) filed under Section 12A of the…

- **Court:** NCLT
- **Order date:** 4 Mar 2019
- **Citation:** TCN-2019-NCLT-04598
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/city-bzr-fashions-and-retail-private-limited-b3d04029

## Summary

### Background

The case involves an application (CA(IB) No. 272/KB/2019) filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional (RP) seeking permission to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated via C.P.(IB) No. 509/KB/2018. The Operational Creditor's claim was admitted on 2018-09-14.

## Facts

J.D (India) Corporation -Vs- City Bzr Fashions & Retail Pvt Ltd was undergoing Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated by an Operational Creditor, and the application was admitted on 2018-09-14. The Resolution Professional (RP) filed an application (CA(IB) No. 272/KB/2019) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking permission to withdraw the CIRP. The RP submitted that the matter had been settled out of the Tribunal, the Operational Creditor's claim had been paid, and all fees and resolution costs had been covered. The RP stated that no further dues were outstanding. The key fact is the settlement between the parties and the full payment of the Operational Creditor's claim, leading to the withdrawal application.

## Issues and analysis

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

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

…

**Reasoning:** The court reasoned that the Resolution Professional (RP) had submitted that the matter

…

**Interpretation:** Section 12A of the IBC is interpreted to allow withdrawal of CIRP when a

…

**Application:** In this case, the RP's submission that the Operational Creditor's claim was

…

## Parties

- **Judges:** Jinan…
- **Respondents:** J.D (India)…

## Timeline

- **2018-09-14 — Admission of CP(IB) No.…**: The Corporate Insolvency Resolution Process (CIRP) was initiated, and the application…
- **2019-03-04 — Hearing…**: Hearing on the application for withdrawal of…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/city-bzr-fashions-and-retail-private-limited-b3d04029