# In the matter of Media Moments Insight Pvt. Ltd. I.A. No. 264 & 265 of 2022 in C.P. (IB) No. 406-BB-2019

> NCLT judgment dated 2022-08-03. Citation: TCN-2022-NCLT-01472. The case involves an application for withdrawal of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 3 Aug 2022
- **Citation:** TCN-2022-NCLT-01472
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/media-moments-insight-pvt-ltd-ia-no-264-265-of-2022-in-cp-ib-no-406-bb-2019-ce0bc4d4

## Summary

### Background

The case involves an application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against M/s. Media Moments Insight Pvt. Ltd. The application was filed by the Interim Resolution Professional (IRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC), 2016, seeking approval for the withdrawal of the petition bearing C.P.(IB)No.406/BB/2019. The Operational Creditor filed Form FA, which was approved by the Committee of Creditors (CoC) with 100% voting share. The Company Petition was admitted on 05.01.2022, and the CoC resolved to withdraw the application for CIRP on 04.07.2022.

## Facts

M/s. Apex Aim Pvt. Ltd. filed a petition against M/s. Media Moments Insight Pvt. Ltd. under the Insolvency & Bankruptcy Code, 2016. The petition was admitted on 05.01.2022. Subsequently, the Interim Resolution Professional (IRP) of M/s. Media Moments Insight Pvt. Ltd. filed an application (I.A. No.265 of 2022) under Section 12A of the Code, seeking to withdraw the CIRP. The Committee of Creditors (CoC) approved the withdrawal with 100% voting share on 04.07.2022. The Operational Creditor filed Form FA, which was approved by the CoC. Another application (I.A. No.264 of 2022) was filed under Section 60(5) of the IBC, seeking to terminate the CIRP and discharge the IRP/RP from his responsibility. The Adjudicating Authority had no objection to the withdrawal of

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Section 12A of the Insolvency and …

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

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**Reasoning:** The court reasoned that the conditions for withdrawal under Section 12A of the Code and

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

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**Application:** In this case, the CoC approved the withdrawal with 100% voting share,

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## Parties

- **Judges:** SH. KISHORE…; SH. MANOJ KUMAR…
- **Appellants:** M/s. Apex Aim…
- **Respondents:** M/s. Media…

## Timeline

- **2022-01-05 — Admission of Company…**: The Company Petition was admitted…
- **2022-07-04 — CoC Resol…**: The Committee of Creditors (CoC) resolved to withdraw the application for CIRP with 100%…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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