# In the matter of Praveen Arjun Patel Vs. JK Lakshmi Cement Ltd. IA Nos. 1140 to 1142-2018 in CA (AT) No. 264-2018

> NCLAT judgment dated 2018-08-21. Citation: TCN-2018-NCLAT-00139. The case involves three IAs (IA No.1140, 1141, and 1142 of 2018) filed by respective…

- **Court:** NCLAT
- **Order date:** 21 Aug 2018
- **Citation:** TCN-2018-NCLAT-00139
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/praveen-arjun-patel-vs-jk-lakshmi-cement-ltd-ia-nos-1140-to-1142-2018-in-ca-11172c60

## Summary

### Background

The case involves three IAs (IA No.1140, 1141, and 1142 of 2018) filed by respective applicants who were aggrieved by an order dated 2018-06-12 passed by the Appellate Tribunal in Company Appeal (AT) (Ins) No.264 of 2018. The applicants sought the recall and/or modification of the order dated 2018-06-12, aligning it with Section 12A of the Insolvency and Bankruptcy Code (IBC). The National Company Law Tribunal (NCLT), New Delhi, had admitted an application under Section 9 of the IBC filed by an operational creditor against the Corporate Debtor, PAN Realtors Pvt Ltd. An Interim Resolution Professional (IRP) was appointed, and claims were invited from creditors. The applicants filed their claims before the IRP by the due date of 2018-06-04. The IRP informed the

…

## Facts

The National Company Law Tribunal (NCLT), New Delhi, admitted an application under Section 9 of the Insolvency & Bankruptcy Code, 2016, filed by an operational creditor against PAN Realtors Pvt Ltd (Corporate Debtor). An Interim Resolution Professional (IRP) was appointed, and claims were invited from creditors, including Haryana Construction and Ved Contracts Private Ltd. These creditors filed their claims before the due date of 2018-06-04. The IRP later informed the creditors that the Appellate Tribunal had passed an order on 2018-06-12 recording a settlement between the Operational Creditor and the Corporate Debtor, which prevented the IRP from processing the creditors' claims. The creditors obtained a copy of the 2018-06-12 order and discovered that an appeal

…

## Issues and analysis

### Issue 1: Whether the order dated 2018-06-12 passed by the Appellate Tribunal permitting unilateral …

**Ratio:** Section 12A of the IBC provides that the Adjudicating Authority may allow the withdrawal

…

**Reasoning:** The Appellate Tribunal reasoned that Section 12A of the IBC would be applicable when an

…

**Interpretation:** Section 12A of the IBC requires the approval of 90% of the voting share of the

…

**Application:** In this case, the Appellate Tribunal found that the admission of the

…

## Parties

- **Judges:** Balvinder…
- **Appellants:** Praveen Arjun…
- **Respondents:** PAN Realtors Pvt…; JK Lakshmi Cement…

## Timeline

- **2018-06-04 — Due date for filing…**: Applicants filed their claims before the Interim Resolution Professional (IRP) by this…
- **2018-05-30 — Appeal l…**: Appeal filed by Praveen Arjun Patel on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/praveen-arjun-patel-vs-jk-lakshmi-cement-ltd-ia-nos-1140-to-1142-2018-in-ca-11172c60