# In the matter of Jaipur Dream Buildcon Pvt. Ltd. IA No. 509-JPR-2022 in CP No. (IB)- 285-9-JPR-2019

> NCLT judgment dated 2022-10-20. Citation: TCN-2022-NCLT-00659. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 20 Oct 2022
- **Citation:** TCN-2022-NCLT-00659
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jaipur-dream-buildcon-pvt-ltd-ia-no-509-jpr-2022-in-cp-no-ib-285-9-jpr-2019-0c237384

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 30A of the IBBI (Insolvency Resolution Process for Corporate Persons) Rules, 2016. The application was filed by the Interim Resolution Professional (IRP) seeking withdrawal of the main petition. The NCLAT had previously passed an order on 07.09.2022 directing the applicant not to constitute the Committee of Creditors (CoC).

## Facts

Shri Rajesh Kumar Jalan is the Operational Creditor/Applicant. Jaipur Dream Buildcon Pvt. Ltd. is the Corporate Debtor/Respondent. The IRP, represented by Karan Pratap Singh, filed an application under Section 12A of the IBC, seeking withdrawal of the main petition. The NCLAT had previously directed the applicant not to constitute the CoC. The CoC has not yet been constituted. The application for withdrawal is allowed.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main petition under Section 12A of the IBC should be …

**Ratio:** Section 12A of the IBC allows for the withdrawal of an application admitted under Section

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**Reasoning:** The court considered the application filed by the IRP seeking withdrawal of the main

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**Interpretation:** Section 12A provides a mechanism for withdrawal, balancing the interests of

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**Application:** Given that the CoC has not been constituted and the IRP has sought withdrawal,

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Rajesh Kuma…
- **Respondents:** Jaipur Dream…

## Timeline

- **2022-09-07 — NCLAT Or…**: NCLAT passed an order directing the…
- **2022-10-20 — Order Da…**: Application is allowed. CP No. (IB)-…

## 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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