# In the matter of Prag Distillery Private Limited IA No. 2925 & 2962-MB-C-I-2022 in C.P (IB) No.1067-MB-C-I-2017

> NCLT judgment dated 2023-06-23. Citation: TCN-2023-NCLT-05421. The case involves an application for withdrawal of a company petition under Section 12A of the…

- **Court:** NCLT
- **Order date:** 23 Jun 2023
- **Citation:** TCN-2023-NCLT-05421
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/prag-distillery-private-limited-ia-no-2925-2962-mb-c-i-2022-in-cp-ib-no1067-mb-c-654e741f

## Summary

### Background

The case involves an application for withdrawal of a company petition under Section 12A of the Insolvency and Bankruptcy Code, 2016, filed by the Liquidator of Prag Distillery Private Limited. The petition was originally filed by Standard Chartered Bank, the Financial Creditor.

## Facts

The Liquidator filed an application seeking withdrawal of the Company Petition under Section 12A of the Insolvency and Bankruptcy Code, 2016.

The Corporate Debtor was admitted into CIRP vide Order dated 27.06.2017.

The CoC in its 12th meeting held on 23.03.2018 unanimously decided to Liquidate the Corporate Debtor.

The Adjudicating Authority passed an Order dated 09.08.2018 under Section 33 of the Code for Liquidating the Corporate Debtor and appointed Ms. Dipti Mehta as the Liquidator.

Settlement agreements were entered into between the Respondent No. 1, Respondent No. 2, and Mr. Amit Dahanukar, and no dues certificates were issued to the Corporate Debtor.

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## Issues and analysis

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

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

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**Reasoning:** The settlements with creditors, the investment to revive the corporate debtor, and the

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**Interpretation:** The settlements and investments suggest that the corporate debtor is no longer

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**Application:** The Adjudicating Authority considered the settlements, investments, and

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## Parties

- **Judges:** H.V. Subb…; Shyam Babu…
- **Appellants:** Dipti M…
- **Respondents:** Prag Distillery…; Standard Chartered…; +2 more
- **Other parties:** Alut…; Organic Industries…; +1 more
- **Advocates:** Aniruth Purusotham…; Aashdin Chi…; +1 more

## Timeline

- **2017-06-27 — Admission in…**: The Corporate Debtor…
- **2017-07-28 — First CoC M…**: The CoC held its first…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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