# In the matter of Vinay Kumar Mangalam Vs. Punjab National Bank & Anr. CA(AT)(insolvency)No. 866 of 2019

> NCLAT judgment dated 2019-09-30. Citation: TCN-2019-NCLAT-00236. The case involves an appeal against the admission of an application under Section 7 of the…

- **Court:** NCLAT
- **Order date:** 30 Sept 2019
- **Citation:** TCN-2019-NCLAT-00236
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vinay-kumar-mangalam-vs-punjab-national-bank-anr-ca-030748e1

## Summary

### Background

The case involves an appeal against the admission of an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 filed by Punjab National Bank against M/s. Chotanagpur Roadlines Pvt. Ltd. The Appellant sought to settle the matter, leading to an adjournment. The Appellant had not yet approached the Committee of Creditors for settlement, which had already been constituted.

## Facts

Punjab National Bank filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against M/s. Chotanagpur Roadlines Pvt. Ltd., which was admitted. Vinay Kumar Mangalam, the Appellant, appealed against this admission. The Appellant expressed a desire to settle the matter. The Committee of Creditors had already been constituted, but the Appellant had not yet approached them for settlement. Punjab National Bank is the sole creditor with 100% voting share.

## Issues and analysis

### Issue 1: Whether the Appellant should be allowed to pursue settlement with the Committee of Creditors under …

**Ratio:** Section 12A of the Insolvency & Bankruptcy Code allows for the withdrawal of an

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**Reasoning:** The court considered the Appellant's desire to settle the matter and the fact that the

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**Interpretation:** Section 12A provides a mechanism for parties to settle disputes even after an

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**Application:** The court allowed the Appellant to move before the Committee of Creditors with

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Vinay Kumar…
- **Respondents:** Chotanagpur…; Punjab National…
- **Advocates:** G. Ananda…; Nityanand…; +1 more

## Timeline

- **2019-09-30 — Order Da…**: The court adjourned the matter earlier and allowed the Appellant to move before the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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