# In the matter of Sushil Kumar Aggarwal
Vs.
Prayag Polytech Pvt. Ltd. & Anr. Company Appeal (AT) (Ins.) No. 700 of 2022

> NCLAT judgment dated 2022-06-22. Citation: TCN-2022-NCLAT-00410. The case involves a Company Appeal (AT) (Ins.) No. 700 of 2022 before the National Company…

- **Court:** NCLAT
- **Order date:** 22 Jun 2022
- **Citation:** TCN-2022-NCLAT-00410
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sushil-kumar-aggarwal-vs-prayag-polytech-pvt-ltd-anr-company-appeal-03e4bd08

## Summary

### Background

The case involves a Company Appeal (AT) (Ins.) No. 700 of 2022 before the National Company Law Appellate Tribunal (NCLAT). The appellant, Sushil Kumar Aggarwal, filed the appeal against Prayag Polytech Pvt. Ltd. & Anr. The matter was brought before the tribunal because a settlement agreement was reached between the parties. The appellant sought permission to withdraw the appeal due to the settlement.

## Facts

Sushil Kumar Aggarwal filed a Company Appeal (AT) (Ins.) No. 700 of 2022 against Prayag Polytech Pvt. Ltd. & Anr. A settlement agreement was reached between the parties on 15.06.2022, where the Corporate Debtor settled the amount. The amount of Rs. 12,64,405/- was fully paid by the Corporate Debtor. Consequently, the Appellant sought permission to withdraw the appeal. Respondent No. 2/Interim Resolution Professional filed an application under Section 12 A of the IBC, 2016, seeking withdrawal of the main application. The Adjudicating Authority had not yet numbered the application due to summer recess. The Adjudicating Authority passed an impugned order dated 13.06.2022 in CP (IB) No. 312/ALD/2019.

## Issues and analysis

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

**Ratio:** When parties reach a settlement, it is generally permissible for an appellant to withdraw

…

**Reasoning:** The court reasoned that since the amount was settled by the Corporate Debtor and the

…

**Interpretation:** This interprets the principle that settlements are favored in law, and parties

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

- **Judges:** M. Venu…; KanthiNar…
- **Appellants:** Sushil Kumar…
- **Respondents:** Prayag Polytech…
- **Advocates:** Mohit Cha…; Prakhar M…; +4 more

## Timeline

- **2022-06-15 — Settlement Agreement…**: Settlement Agreement was dated 15.06.2022, the…
- **2022-06-22 — Order Da…**: The Tribunal dismissed the appeal as…

## Legal provisions

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

---

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/sushil-kumar-aggarwal-vs-prayag-polytech-pvt-ltd-anr-company-appeal-03e4bd08