# In the matter of Sushwani Karani Event and Media Pvt. Ltd. IA(I.B.C)-795,891 & 887(KB)2022 in C.P. (IB)-728(KB)2020

> NCLT judgment dated 2022-11-14. Citation: TCN-2022-NCLT-00464. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 14 Nov 2022
- **Citation:** TCN-2022-NCLT-00464
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sushwani-karani-event-and-media-pvt-ltd-iaibc-795891-887kb2022-in-cp-ib-728kb202-d1e8bdb3

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP) sought the withdrawal based on a resolution passed by the Committee of Creditors (CoC) with 100% voting in favor of the withdrawal. The resolution was placed at page 84 of the Interlocutory Application (IA) and supported by Form FA, placed at page 86 of the IA.

## Facts

Venus Creation is undergoing Corporate Insolvency Resolution Process (CIRP). The Resolution Professional (RP) filed an application under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of the CIRP. The basis for the withdrawal application was a resolution passed by the Committee of Creditors (CoC) with 100% voting in favor of the withdrawal. The resolution and supporting documents (Form FA) were placed on record. The RP is present in person and represented by counsel. The CoC's unanimous decision is a key fact supporting the withdrawal application.

## Issues and analysis

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

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

…

**Reasoning:** The court reasoned that the CoC had approved the withdrawal with 100% voting, indicating

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**Interpretation:** Section 12A is interpreted to mean that if the CoC, representing the creditors,

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**Application:** In this case, the CoC's 100% vote in favor of withdrawal satisfied the

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Respondents:** Sushwani Karani…; Venus Cre…
- **Advocates:** Shaunak…; Shreya Cha…; +1 more

## Timeline

- **2022-11-14 — Hearing…**: Hearing held on November 14, 2022, at 02:00 P.M. regarding the application for withdrawal…

## 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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