# 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-00235. 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-00235
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vinay-kumar-mangalam-vs-punjab-national-bank-anr-ca-6a1b9f83

## 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, Vinay Kumar Mangalam, sought to settle the matter. The court adjourned the matter to allow the Appellant to approach the Committee of Creditors for settlement.

## Facts

Vinay Kumar Mangalam filed an appeal against the admission of an application under Section 7 of the Insolvency & Bankruptcy Code, 2016. The application was filed by Punjab National Bank against M/s. Chotanagpur Roadlines Pvt. Ltd. The Appellant expressed a desire to settle the matter. Punjab National Bank is the sole creditor with 100% voting share. The Appellant had not yet approached the Committee of Creditors for settlement. The court adjourned the matter to allow the Appellant to pursue settlement negotiations with the Committee of Creditors. The court allowed the Appellant to move before the 'Committee of Creditors' by filing terms of settlement in terms of Section 12A of the 'I&B' Code.

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency & Bankruptcy Code, 2016 filed by …

**Ratio:** The court noted that prima facie, no case was made out to question the admission of the

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

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**Interpretation:** The court interpreted the situation as one where settlement should be explored

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**Application:** The court's decision to allow settlement negotiations effectively put the

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## Parties

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

## Timeline

- **2019-09-30 — Order Da…**: The court issued an order allowing the Appellant to approach the Committee of Creditors…

## 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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