# In the matter of  JSP Projects Pvt. Ltd. IB-1023-ND-2020

> NCLT judgment dated 2021-05-12. Citation: TCN-2021-NCLT-02163. The case involves an application for withdrawal of a matter under Section 12A of the IBC, 2016,…

- **Court:** NCLT
- **Order date:** 12 May 2021
- **Citation:** TCN-2021-NCLT-02163
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jsp-projects-pvt-ltd-ib-1023-nd-2020-ac009853

## Summary

### Background

The case involves an application for withdrawal of a matter under Section 12A of the IBC, 2016, read with Regulation 30A of CIRP Regulations, 2016, and Rule 11 of NCLT Rules, 2016, filed on behalf of the IRP. The IRP, Mr. Mansij Arya, submitted that IA No. 2022/2021 is a consent application. An earlier order dated 05.05.2021 indicated it was an urgent hearing application, which was subsequently modified. The application was heard and allowed on 05.05.2021.

## Facts

M/s. SAM Business Continuity Services filed a petition against M/s. JSP Projects Pvt. Ltd. under Section 9 of the IBC. An application (IA No. 2063/2021) was filed under Section 12A of the IBC, read with Regulation 30A of CIRP Regulations and Rule 11 of NCLT Rules, seeking withdrawal of the matter. The IRP, Mr. Mansij Arya, submitted that IA No. 2022/2021 was a consent application. The court noted that an earlier order dated 05.05.2021 had indicated the application was for an urgent hearing, which was later modified. The application for withdrawal was allowed, and the main petition was dismissed. The corporate debtor, M/s. JSP Projects Pvt. Ltd., was relieved from the CIRP process. This suggests that the parties reached a settlement, leading to the withdrawal of the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal under Section 12A of the IBC, read with Regulation 30A of …

**Ratio:** Section 12A of the IBC allows for withdrawal of an application admitted under Section 7,

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**Reasoning:** The court considered the application for withdrawal and the submissions made by the IRP.

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**Interpretation:** Section 12A provides a mechanism for parties to resolve their disputes outside

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**Application:** In this case, the application for withdrawal was filed under Section 12A, read

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## Parties

- **Judges:** P.S.N. P…; SHRI, NARENDER…
- **Appellants:** M/s. SAM Business…
- **Respondents:** M/s. JSP Projects…

## Timeline

- **2021-05-05 — Earlier…**: An earlier order indicated that IA No. 2022/2021 was an urgent hearing application, which…
- **2021-05-05 — Hearing and Allowance…**: The IA was heard 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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