# In the matter of Nakshatra Distilleries & Brewaries Limited IA 659/2020 in CP (IB) 1797-MB-C-IV-2019

> NCLT judgment dated 2020-03-17. Citation: TCN-2020-NCLT-01502. The case pertains to an Interlocutory Application (IA) filed under section 12A of the…

- **Court:** NCLT
- **Order date:** 17 Mar 2020
- **Citation:** TCN-2020-NCLT-01502
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nakshatra-distilleries-brewaries-limited-ia-6592020-in-cp-ib-1797-mb-c-iv-2019-23100832

## Summary

### Background

The case pertains to an Interlocutory Application (IA) filed under section 12A of the Insolvency and Bankruptcy Code, 2016, for withdrawal of a Company Petition (CP) No. 1797/2019. The CP was admitted vide order dated 18.10.2019. The Resolution Professional (RP) made a public announcement to invite claims from creditors of the Corporate Debtor. The Committee of Creditors (CoC) appointed the Applicant as the Resolution Professional of the Corporate Debtor. The CoC expressed unwillingness to participate in a meeting, anticipating withdrawal of the matter. The Operational Creditor sent Form FA as per regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

## Facts

An Interlocutory Application (IA) was filed under section 12A of the Insolvency and Bankruptcy Code, 2016, by Mr. Uday Shreeram Sakrikar, the Resolution Professional (RP) of Nakshatra Polymers, for withdrawal of Company Petition No. 1797/2019. The Company Petition was admitted on 18.10.2019. The RP made a public announcement to invite claims from creditors, with the last date for submission being 01.11.2019. The RP received a claim from Solapur District Central Co-operative Bank Limited on 31.12.2019. The first Committee of Creditors (CoC) meeting was held on 14.11.2019, where the Applicant was appointed as the RP. The third CoC meeting on 22.01.2019 revealed the CoC's unwillingness to participate, anticipating withdrawal. The Operational Creditor sent Form FA on

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## Issues and analysis

### Issue 1: Whether the prayer sought by the Interim Resolution Professional (IRP) in the current Interlocutory …

**Ratio:** The legal principle applied is the consideration of facts, circumstances, submissions,

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**Reasoning:** The court reasoned that considering the facts, circumstances, submissions made, and the

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**Interpretation:** The interpretation involves assessing whether the conditions and requirements

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**Application:** The court applied the ratio by considering the RP's submissions, the CoC's

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## Parties

- **Judges:** Rajasekha…; RAJESH S…
- **Appellants:** Uday Shreeram…
- **Respondents:** Nakshatra…

## Timeline

- **2019-10-18 — Admission of Company…**: Company Petition No. 1797/2019 was…
- **2019-11-01 — Last Date for…**: Last date for creditors to submit claims…

## 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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