# 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-01497. The case involves an Interlocutory Application (IA) filed under section 12A of the Insolvency…

- **Court:** NCLT
- **Order date:** 17 Mar 2020
- **Citation:** TCN-2020-NCLT-01497
- **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-d4bd4801

## Summary

### Background

The case involves an Interlocutory Application (IA) filed under section 12A of the Insolvency and Bankruptcy Code, 2016, for the withdrawal of a Company Petition (CP) No. 1797/2019. The CP was initially admitted by the Adjudicating Authority on 18.10.2019. The Resolution Professional (RP) made a public announcement to invite claims from the creditors of the Corporate Debtor, with the last date for submission being 01.11.2019. The RP received a claim from one of the Financial Creditors on 31.12.2019. Several CoC meetings were held, and the RP requested the CoC not to adjourn the meeting. The Operational Creditor sent Form FA as per the provisions of regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)

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## Facts

An Interlocutory Application (IA) was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, by Uday Shreeram Sakrikar, the Resolution Professional (RP) of Nakshatra Polymers, seeking withdrawal of Company Petition No. 1797/2019, which had been admitted on 18.10.2019. The RP made a public announcement inviting claims from creditors, setting 01.11.2019 as the last date. A claim was received from Solapur District Central Co-operative Bank Limited on 31.12.2019. The first Committee of Creditors (CoC) meeting on 14.11.2019 appointed the Applicant as the RP. Subsequent CoC meetings were held on 30.12.2019 and 22.01.2019, where the CoC expressed a view that the matter might be withdrawn. The RP received Form FA from the Operational Creditor on 07.02.2020 and a

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application (IA) for withdrawal of the Company Petition under section 12A …

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

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**Reasoning:** The court considered the facts and circumstances, the submissions made, and the available

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**Interpretation:** Section 12A provides a mechanism for withdrawing a CIRP application when the

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**Application:** In this case, the CoC approved the withdrawal application, and the RP confirmed

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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 submission of claims from…

## 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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