# In the matter of Pranav Kumar
Vs.
M/s. GEO Source & Anr. Comp. App. (AT) (Ins.) No. 773 of 2022

> NCLAT judgment dated 2022-07-19. Citation: TCN-2022-NCLAT-00345. The case involves an appeal against the order dated 05.07.2022 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 19 Jul 2022
- **Citation:** TCN-2022-NCLAT-00345
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/pranav-kumar-vs-ms-geo-source-anr-comp-app-7ed9aabc

## Summary

### Background

The case involves an appeal against the order dated 05.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, which admitted CP (IB) No. 10/KB/2020 filed under Section 9 of the IBC and appointed an IRP. The parties have now settled the matter, with a payment of Rs.72,50,000/- made to the Respondent- Operational Creditor.

## Facts

Pranav Kumar filed an appeal against the order dated 05.07.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, which admitted CP (IB) No. 10/KB/2020 filed under Section 9 of the IBC. M/s. GEO Source & Anr. are the respondents. The parties have settled the matter, with a payment of Rs.72,50,000/- made to the Respondent- Operational Creditor. The learned counsel for the parties filed a Joint Application in the Court where the parties have submitted that both the parties have settled the matter. The Respondent- Operational Creditor has received the said amount of Rs.72,50,000/- from the Suspended Director of the Corporate Debtor. The court allowed the withdrawal of the Section 9 application, and the order dated 05.07.2022

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## Issues and analysis

### Issue 1: Whether the Respondent- Operational Creditor should be permitted to withdraw the Section 9 …

**Ratio:** When parties settle a dispute and the operational creditor receives the full outstanding

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**Reasoning:** The court accepted the submissions of the learned counsel for the parties, acknowledging

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**Interpretation:** This reflects the principle that the IBC aims to resolve insolvency issues, and

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**Application:** Since the Respondent- Operational Creditor received Rs.72,50,000/-, the court

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## Parties

- **Judges:** Ashok Bh…; M. Satyanarayana…; +1 more
- **Appellants:** Pranav…
- **Respondents:** M/s. GEO Source &…

## Timeline

- **2020-01-01 — CP (IB) No. 10/KB/2020…**: CP (IB) No. 10/KB/2020 was filed…
- **2022-07-05 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata passed…

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