# In the matter of Gurdeep Singh Anand & Anr. Vs. ASP Sealing Products Ltd. Through IRP Ashish Singh CA(AT)(Ins) No. 288 of 2020

> NCLAT judgment dated 2020-02-19. Citation: TCN-2020-NCLAT-00388. The case involves a Company Appeal (AT) (Ins) No. 288 of 2020 before the National Company Law…

- **Court:** NCLAT
- **Order date:** 19 Feb 2020
- **Citation:** TCN-2020-NCLAT-00388
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/gurdeep-singh-anand-anr-vs-asp-sealing-products-ltd-through-irp-ashish-singh-ca-130f8b09

## Summary

### Background

The case involves a Company Appeal (AT) (Ins) No. 288 of 2020 before the National Company Law Appellate Tribunal (NCLAT), New Delhi. The appeal was filed by Gurdeep Singh Anand & Anr. against ASP Sealing Products Ltd. Through IRP Ashish Singh. The settlement agreement was executed between the parties on 17.02.2020.

## Facts

Gurdeep Singh Anand & Anr. filed a Company Appeal (AT) (Ins) No. 288 of 2020 against ASP Sealing Products Ltd. before the NCLAT. A settlement agreement was executed between the parties on 17.02.2020. The Appellant sought permission to withdraw the appeal based on this settlement. The NCLAT recorded the settlement and allowed the withdrawal, directing the parties to approach the Adjudicating Authority (National Company Law Tribunal) Bench-3, New Delhi, under Section 12 A of the Insolvency and Bankruptcy Code. The relevance of the settlement is that it led to the dismissal of the appeal and a redirection of the proceedings to the Adjudicating Authority.

## Issues and analysis

### Issue 1: Whether the Appellant should be granted permission to withdraw the appeal based on the settlement …

**Ratio:** The principle is that parties are generally allowed to withdraw appeals when they have

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**Reasoning:** The court reasoned that since the parties had reached a settlement, allowing the

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**Interpretation:** This issue involves the interpretation of the court's power to allow the

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**Application:** In this case, the court applied the principle by granting permission to the

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## Parties

- **Judges:** Venugop…; V. P. S…; +1 more
- **Appellants:** Gurdeep Singh…
- **Respondents:** ASP Sealing…

## Timeline

- **2020-02-17 — Settlement Agreement…**: The settlement agreement…
- **2020-02-19 — Appeal Dismissed as…**: The NCLAT heard the counsel and dismissed the Company Appeal (AT) (Ins) No. 288 of 2020…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12 — Time-limit for completion of insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12)

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