# In the matter of Yasmin Begam, Ex-Director of Phonex Logistics Pvt. Ltd. vs. Square Four Housing & Infrastructure Development Pvt. Ltd.

> NCLAT judgment dated 2022-07-18. Citation: TCN-2022-NCLAT-00354. This is an appeal against an order dated 18.07.2022 passed by the National Company Law…

- **Court:** NCLAT
- **Order date:** 18 Jul 2022
- **Citation:** TCN-2022-NCLAT-00354
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/yasmin-begam-ex-director-of-phonex-logistics-pvt-ltd-vs-square-four-housing-infr-9b77c103

## Summary

### Background

This is an appeal against an order dated 18.07.2022 passed by the National Company Law Tribunal, Kolkata in CP(IB) No. 4014/KB/2021, which admitted the application filed by the Operational Creditor. An Interlocutory Application no. 2491 of 2022 was filed by both the parties, i.e., Suspended Directors of the Corporate Debtor and the Operational Creditor, where the parties brought on record the settlement entered between them and prayed that the Application under Section 9 of IBC be allowed to be withdrawn.

## Facts

Yasmin Begam, Ex-Director of Phonex Logistics Pvt. Ltd., filed an appeal against Square Four Housing & Infrastructure Development Pvt. Ltd. The appeal was filed against an order dated 18.07.2022 passed by the National Company Law Tribunal, Kolkata, which admitted the application filed by the Operational Creditor. Both parties, including the Suspended Directors of the Corporate Debtor and the Operational Creditor, filed an Interlocutory Application No. 2491/22, seeking to withdraw the application under Section 9 of the IBC based on a settlement reached between them. The court allowed the withdrawal, taking the Deed of Settlement on record and disposing of the appeal.

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the IBC can be withdrawn based on a settlement between …

**Ratio:** The legal principle applied is that parties can withdraw an application under Section 9

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**Reasoning:** The court reasoned that since both parties, including the Suspended Directors of the

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**Interpretation:** This interpretation suggests that the court recognizes and respects the

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**Application:** In this specific case, the court applied the ratio by allowing the Operational

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## Parties

- **Judges:** Ashok Bh…; M. Satyanarayana…; +1 more
- **Appellants:** Yasmin…
- **Respondents:** Phonex Logistics…; Square Four…

## Timeline

- **2022-07-18 — Order by NCLT…**: National Company Law Tribunal, Kolkata, passed an order in CP(IB) No. 4014/KB/2021…
- **2022-07-29 — Order by…**: NCLAT allows the withdrawal of the application under Section 9 of IBC based on the…

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