# In the matter of Subhodaya Digital Entertainment Private Limited
IA No. 158 of 2019 in CP (IB) No. 342-9-HDB-2018

> NCLT judgment dated 2019-02-27. Citation: TCN-2019-NCLT-04668. The case involves an application (IA No. 158/2019) filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 27 Feb 2019
- **Citation:** TCN-2019-NCLT-04668
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/subhodaya-digital-entertainment-private-limited-ia-no-158-of-2019-in-cp-ib-no-34-580b838e

## Summary

### Background

The case involves an application (IA No. 158/2019) filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application seeks permission to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against Subhodaya Digital Entertainment Pvt Ltd. The CIRP was initiated based on an application filed by Star India Private Limited under Section 9 of the IBC, which was admitted on 20.12.2018. The Committee of Creditors (CoC) approved the withdrawal with 100% voting share.

## Facts

Star India Private Limited, an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Subhodaya Digital Entertainment Private Limited by filing an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application, CP (IB) No.342/9/HDB/2018, was admitted on December 20, 2018. Subsequently, the Interim Resolution Professional (IRP) made a public announcement and invited claims against the Corporate Debtor. Star India Private Limited, the original petitioner, filed its claim as per Form-B, which was verified and accepted by the IRP. Later, Star India Private Limited submitted Form-FA dated February 21, 2019, for withdrawal of the CIRP, as per Regulation 30A of the IBBI Regulations. The Committee of Creditors

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the withdrawal of the Corporate Insolvency Resolution …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code, 2016, empowers the Adjudicating

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**Reasoning:** The court reasoned that the application for withdrawal was filed by the IRP under Section

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**Interpretation:** Section 12A provides a mechanism for withdrawal of CIRP if the applicant

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**Application:** In this case, the Operational Creditor, Star India Private Limited, sought to

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## Parties

- **Judges:** K. Anantha…
- **Respondents:** Subhodaya Digital…

## Timeline

- **2018-12-20 — CIRP Admi…**: The application under Section 9 of IBC filed by Star India Private Limited was admitted…
- **2019-02-21 — Form FA Sub…**: The Operational Creditor submitted…

## 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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