# 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-01488. This is an Interlocutory Application (IA) under section 12A of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 17 Mar 2020
- **Citation:** TCN-2020-NCLT-01488
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nakshatra-distilleries-brewaries-limited-ia-6592020-in-cp-ib-1797-mb-c-iv-2019-3838f3a4

## Summary

### Background

This is an Interlocutory Application (IA) under section 12A of the Insolvency and Bankruptcy Code 2016, filed by the Resolution Professional (RP) of Nakshatra Polymers (India) Private Limited for withdrawal of Company Petition No. 1797/2019. The petition was admitted by the Adjudicating Authority on 18.10.2019. The RP made a public announcement inviting claims from creditors, with a last date of 01.11.2019 for submission. The RP received a claim from Solapur District Central Co-operative Bank Limited on 31.12.2019.

## Facts

The Resolution Professional (RP) of Nakshatra Polymers (India) Private Limited filed an Interlocutory Application (IA) under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of Company Petition No. 1797/2019. The petition had been admitted on 18.10.2019. A public announcement was made to invite claims from creditors, with a deadline of 01.11.2019. The RP received a claim from Solapur District Central Co-operative Bank Limited on 31.12.2019. Several CoC meetings were held, and the CoC expressed reluctance to participate in a meeting due to the anticipation of the matter being withdrawn. The Operational Creditor sent Form FA, and a revised Form FA was received by the RP. The fourth CoC meeting was held to discuss and approve the withdrawal

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application (IA) filed under Section 12A of the Insolvency and Bankruptcy …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, allows for the withdrawal of a

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**Reasoning:** The Adjudicating Authority considered the facts, circumstances, submissions made, and the

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**Interpretation:** Section 12A provides a mechanism for the withdrawal of CIRP, recognizing that

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**Application:** Given that the CoC approved the withdrawal application and all CIRP costs were

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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…

## 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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