# In the matter of Vikash Parasurampuria, Suspended Director of Sohan Minerals & Mining Company Pvt. Ltd.
Vs.
Shri Kamal Luthra, Sole Proprietor of Lucky Minerals & Anr. I.A No. 2028 of 2022 in
Comp. App. (AT) (Ins.) No. 633 of 2022

> NCLAT judgment dated 2022-07-11. Citation: TCN-2022-NCLAT-00376. The case involves an appeal against the order dated 24.05.2022 passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 11 Jul 2022
- **Citation:** TCN-2022-NCLAT-00376
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vikash-parasurampuria-suspended-director-of-sohan-minerals-mining-company-pvt-lt-7ee9d647

## Summary

### Background

The case involves an appeal against the order dated 24.05.2022 passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, in C.P. (IB) No. 276/KB/2020, which admitted an application filed by the Operational Creditor under Section 9 of the Insolvency and Bankruptcy Code, 2016. An interim order was passed on 01.06.2022, directing the Interim Resolution Professional (IRP) not to constitute the Committee of Creditors (CoC). Subsequently, the parties have settled the matter and filed I.A No.2028 of 2022, submitting a Settlement Agreement dated 04.07.2022.

## Facts

Vikash Parasurampuria, the Suspended Director of Sohan Minerals & Mining Company Pvt. Ltd., filed an appeal against an order passed by the National Company Law Tribunal (NCLT), Kolkata Bench, which admitted an application filed by the Operational Creditor, Shri Kamal Luthra, under Section 9 of the Insolvency and Bankruptcy Code (IBC). The NCLT order was dated 24.05.2022. An interim order was passed on 01.06.2022, directing the Interim Resolution Professional (IRP) not to constitute the Committee of Creditors (CoC). Subsequently, the parties entered into a settlement agreement dated 04.07.2022, and filed I.A No.2028 of 2022 seeking withdrawal of the application. The settlement agreement is filed as Annexure A-2 to the I.A.

## Issues and analysis

### Issue 1: Whether the tribunal should permit the Operational Creditor to withdraw the application under …

**Ratio:** The legal principle applied is that parties are generally allowed to settle their

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**Reasoning:** The tribunal reasoned that since the parties had settled the matter and agreed to abide

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

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**Application:** In this specific case, the tribunal applied the principle by allowing the

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## Parties

- **Judges:** Ashok Bh…; M. Satyanarayana…; +1 more
- **Appellants:** Vikash Parasprampu…
- **Respondents:** Sohan Minerals &…; Kamal L…

## Timeline

- **2022-05-24 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, passed an…
- **2022-06-01 — Interim Order…**: The Tribunal passed an interim order directing the Interim Resolution Professional (IRP)…

## 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)

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