# 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-00387. 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-00387
- **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-c7700296

## 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. 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, New Delhi. A settlement agreement was reached between the parties on 17.02.2020. The appellant sought permission to withdraw the appeal based on the settlement. The NCLAT recorded the settlement and allowed the withdrawal of the appeal. The tribunal directed the parties to approach the Adjudicating Authority (National Company Law Tribunal) Bench-3, New Delhi, by filing an application under Section 12 A of the Insolvency and Bankruptcy Code, coupled with Regulation 30 A of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations 2016. The tribunal also directed that the Committee of

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## Issues and analysis

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

**Ratio:** An appellate tribunal may allow the withdrawal of an appeal if the parties have reached a

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**Reasoning:** The court reasoned that since the parties had reached a settlement agreement, it was

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**Interpretation:** This interpretation allows parties to resolve disputes outside of formal

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**Application:** The ratio was applied to the facts of the case, where the parties had reached a

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## Parties

- **Judges:** Venugop…; V. P. S…; +2 more
- **Appellants:** Gurdeep Singh…
- **Respondents:** ASP Sealing…

## Timeline

- **2020-02-17 — Settlement Agreement…**: The settlement agreement…
- **2020-02-19 — Hearing and…**: The NCLAT heard the learned counsel for both sides, recorded the settlement, allowed the…

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