# In the matter of Jaibhagwati Texprint Pvt. Ltd. IA 43 of 2020 in C.P. (IB)-586-NCLT-AHM-2018

> NCLT judgment dated 2020-01-17. Citation: TCN-2020-NCLT-02299. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 17 Jan 2020
- **Citation:** TCN-2020-NCLT-02299
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jaibhagwati-texprint-pvt-ltd-ia-43-of-2020-in-cp-ib-586-nclt-ahm-2018-6be796ce

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the withdrawal of a Corporate Insolvency Resolution Process (CIRP) application, CP(IB) 586/2018, which was admitted on 19.12.2019. The parties have settled the matter between themselves. The Interim Resolution Professional (IRP) stated that the Committee of Creditors (COC) has not been constituted yet.

## Facts

The application was filed under Section 12A of the IBC for withdrawal of CP(IB) 586/2018, which was admitted on 19.12.2019. The parties reached a settlement. The IRP confirmed that the COC had not been constituted. The application for withdrawal was filed by the Operational Creditor. The case was regarding Sadhna Dye Chem V/s Jai Bhagwati Tex-Prints Pvt Ltd.

## Issues and analysis

### Issue 1: Whether the application for withdrawal under Section 12A of the Insolvency and Bankruptcy Code can …

**Ratio:** The Hon'ble Supreme Court has observed that applications under Section 7, 9 and 10 of the

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**Reasoning:** The court relied on the Supreme Court's observation that withdrawal is permissible before

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

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**Application:** In this case, since the parties had settled and the COC was not yet formed, the

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Jaimin R.…
- **Respondents:** Jai Bhagwati…; NAISHAL. J…

## Timeline

- **2018-01-01 — CP(IB) 586/20…**: Corporate Insolvency Resolution Process…
- **2019-12-19 — CP(IB) 586/2018…**: Corporate Insolvency Resolution Process (CIRP)…

## 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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