# In the matter of Advance Power Controls Ltd. (IB)-3014(ND)2019

> NCLT judgment dated 2020-02-28. Citation: TCN-2020-NCLT-01755. IA 1482/2020 was filed by the IRP, Mr. Ashok Kumar, to bring on record the compromise between…

- **Court:** NCLT
- **Order date:** 28 Feb 2020
- **Citation:** TCN-2020-NCLT-01755
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/advance-power-controls-ltd-ib-3014nd2019-235a18dd

## Summary

### Background

IA 1482/2020 was filed by the IRP, Mr. Ashok Kumar, to bring on record the compromise between the Operational Creditor and the Corporate Debtor. Publication was effected, but no claims were received, and a settlement was reached shortly after.

## Facts

IA 1482/2020 was filed by the IRP, Mr. Ashok Kumar, to record a compromise between the Operational Creditor and the Corporate Debtor. Despite publication, no claims were received, and a settlement was quickly reached. The settlement deed was placed on record, and the application adhered to the Code and regulation 12A. The court found no legal impediment to terminating the CIR process under Section 12(A) of the Code. The Corporate Debtor is Gayatri Steels V/s. M/s. Advance Power Controls Ltd.

## Issues and analysis

### Issue 1: Whether the application filed by the IRP should be allowed, given the compromise between the …

**Ratio:** The legal principle is that if a compromise is reached between the Operational Creditor

…

**Reasoning:** The court reasoned that the application was filed in the proper format by the IRP,

…

**Interpretation:** This issue involves interpreting the provisions of the Code and regulation 12A

…

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

…

## Parties

- **Judges:** L. N. G…; Ina Mal…
- **Respondents:** Gayatri Steels…

## Timeline

- **2020-02-28 — Hearing…**: Hearing before the New Delhi Bench of…
- **2020-01-01 — Filing of IA 1…**: IA 1482/2020 filed by the IRP, Mr. Ashok Kumar, to record the compromise between the…

---

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/nclt-chandigarh/advance-power-controls-ltd-ib-3014nd2019-235a18dd