# In the matter of Jupiter Broadcast (P) Limited IA No. 2519-2020 in CP(IB) No. 3271-MB-2018

> NCLT judgment dated 2021-02-04. Citation: TCN-2021-NCLT-03128. An application was filed under Section 12A of the Code by the Resolution Professional (RP) for…

- **Court:** NCLT
- **Order date:** 4 Feb 2021
- **Citation:** TCN-2021-NCLT-03128
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jupiter-broadcast-p-limited-ia-no-2519-2020-in-cpib-no-3271-mb-2018-31163d02

## Summary

### Background

An application was filed under Section 12A of the Code by the Resolution Professional (RP) for withdrawal of the Company Petition admitted against the Corporate Debtor. The matter was taken up on VC.IA No.2519 of 2020.

## Facts

An application was filed under Section 12A of the Code for withdrawal of the Company Petition admitted against the Corporate Debtor. The matter has been amicably settled between the parties, and they have entered into consent terms during November 2020. The consent terms are enclosed with the Application, and Para 4 of the Consent terms provides the terms of payment and the post-dated cheques have also been issued. The Corporate Debtor has also filed Form FA, expressing willingness to withdraw these proceedings. The Applicant was the creditor who had filed the claim during CIRP, and the Petitioner is the only member of the Committee of Creditors (CoC).

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition under Section 12A of the Code should …

**Ratio:** Section 12A of the Code allows for the withdrawal of an application admitted under the

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**Reasoning:** The court considered the submission of the Counsel for the Applicant that the matter has

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**Interpretation:** Section 12A is interpreted to facilitate the withdrawal of CIRP proceedings

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**Application:** In this case, the application for withdrawal is in consonance with Section 12A

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## Parties

- **Judges:** V. Nallasen…; Janab Mohammed…
- **Appellants:** ZEE Entertainment…
- **Respondents:** Jupiter Broadcast…

## Timeline

- **2020-11-01 — Consent…**: Parties entered into…
- **2021-02-04 — Order Da…**: Application allowed, CP dismissed as…

## 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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