# In the matter of Santoshi Barrier Film India Pvt. Ltd. MA 592-2018 In CP (IB)-1337-I&BC-MB-2017

> NCLT judgment dated 2018-06-26. Citation: TCN-2018-NCLT-01226. The case pertains to a withdrawal application filed in relation to Company Petition No. 1337 of…

- **Court:** NCLT
- **Order date:** 26 Jun 2018
- **Citation:** TCN-2018-NCLT-01226
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/santoshi-barrier-film-india-pvt-ltd-ma-592-2018-in-cp-ib-1337-ibc-mb-2017-aab114ff

## Summary

### Background

The case pertains to a withdrawal application filed in relation to Company Petition No. 1337 of 2017. The application was supported by affidavits filed by the Financial Creditor, Resolution Professional, and Corporate Debtor. The Resolution Professional based the application on a resolution approved by the Committee of Creditors (CoC).

## Facts

A withdrawal application was filed by the Financial Creditor, Resolution Professional, and Corporate Debtor, supported by affidavits. The application was based on a resolution approved by the CoC for the withdrawal of Company Petition No. 1337 of 2017. The reason for the withdrawal was a settlement reached between the Operational Creditor and the Corporate Debtor. The case was heard by the Mumbai bench of the National Company Law Tribunal on 26.06.2018.

## Issues and analysis

### Issue 1: Whether the withdrawal application filed by the Financial Creditor, Resolution Professional, and …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (I&B Code), 2016, allows for the

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**Reasoning:** The court considered the withdrawal application supported by affidavits and based on the

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**Interpretation:** Section 12A of the I&B Code provides a mechanism for parties to settle

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**Application:** In this case, the settlement between the Operational Creditor and the Corporate

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## Parties

- **Judges:** B.S.V. Prakash…; Ravikumar…; +1 more
- **Respondents:** JJ PLASTALLOY…; JJ Plastalloys…

## Timeline

- **2018-06-26 — Hearing…**: Order sheet of the hearing of Mumbai Bench…

## 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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