# 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-00649. 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-00649
- **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-2019-1c371cd9

## 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 Interim Resolution Professional (IRP) sought withdrawal of the main petition. The NCLAT had previously directed the applicant not to constitute the Committee of Creditors (CoC), and the CoC has not yet been constituted.

## Facts

Shri Rajesh Kumar Jalan, the Operational Creditor/Applicant, initiated proceedings against Jaipur Dream Buildcon Pvt. Ltd., the Corporate Debtor/Respondent, under Section 9 of the IBC, 2016. The Interim Resolution Professional (IRP), Mr. Karan Pratap Singh, filed an application (IA No. 509/JPR/2022) under Section 12A of the IBC, seeking withdrawal of the main petition. The Hon'ble NCLAT had previously passed an order on 07.09.2022 directing the applicant not to constitute the Committee of Creditors (CoC). As of the date of the order, the CoC had not yet been constituted. The application for withdrawal was allowed, and the Corporate Insolvency Resolution Process (CIRP) was terminated.

## 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 for withdrawal of the main

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**Interpretation:** Section 12A provides a mechanism for settling disputes and withdrawing CIRP

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**Application:** Given that the CoC was not constituted and the IRP sought withdrawal, the court

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## Parties

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

## Timeline

- **2022-09-07 — NCLAT Or…**: The Hon'ble NCLAT passed an order directing…
- **2022-10-20 — Order Da…**: The application for withdrawal is allowed, and CP No. (IB)- 285/9/JPR/2019 is dismissed…

## 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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