# In the matter of Jason Dekor Private Limited IA No. 75-2019 in CP (IB) No. 39-9-NCLT-AHM-2018

> NCLT judgment dated 2019-02-28. Citation: TCN-2019-NCLT-04654. The case involves an application for withdrawal of an Insolvency and Bankruptcy (IB) Petition,…

- **Court:** NCLT
- **Order date:** 28 Feb 2019
- **Citation:** TCN-2019-NCLT-04654
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jason-dekor-private-limited-ia-no-75-2019-in-cp-ib-no-39-9-nclt-ahm-2018-96e83d8b

## Summary

### Background

The case involves an application for withdrawal of an Insolvency and Bankruptcy (IB) Petition, specifically CP (IB) No.39 of 2018, and for recalling the Corporate Insolvency Resolution Process (CIRP) initiated by the National Company Law Tribunal (NCLT), Ahmedabad Bench. The initial order, dated 2019-01-16, had admitted the petition, declared a moratorium on the Corporate Debtor, Jason Decor Pvt. Ltd., and appointed an Interim Resolution Professional (IRP).

## Facts

Windson Chemicals Pvt Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Jason Decor Pvt Ltd. The NCLT admitted the petition on 2019-01-16, declared a moratorium, and appointed an Interim Resolution Professional (IRP). Subsequently, Windson Chemicals Pvt Ltd and Jason Decor Pvt Ltd reached a settlement for Rs. 35,00,000. Windson Chemicals Pvt Ltd then filed an application to withdraw the IB Petition before the Committee of Creditors (CoC) was constituted. The IRP opposed the withdrawal, stating that a CoC meeting was scheduled. The CoC had a sole member, Indian Overseas Bank (IOB). The application for settlement was filed on 2019-02-04. The IRP appeared before the bench on 2019-02-18. The CoC meeting was proposed for 2019-02-19. The applicant relied

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can permit the withdrawal of an IB Petition after its admission …

**Ratio:** The Adjudicating Authority has the power to allow or disallow an application for

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**Reasoning:** The court relied on the Supreme Court's decision in Swiss Ribbons vs. Union of India,

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**Interpretation:** The interpretation of Section 12-A of the Insolvency and Bankruptcy Code, 2016,

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**Application:** In this case, the application for settlement was filed before the CoC was

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** Windson Chemicals…
- **Respondents:** Jason Decor Pvt.…; Jason Dekor…
- **Advocates:** Jaimin…; Priyank S…

## Timeline

- **2018-01-01 — CP (IB) No.39/9/NCLT/AHM…**: The case was filed as…
- **2019-01-16 — Initial…**: NCLT admitted the IB Petition, declared a moratorium on Jason Decor Pvt. Ltd., and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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