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

> NCLT judgment dated 2020-02-28. Citation: TCN-2020-NCLT-01763. 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-01763
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/advance-power-controls-ltd-ib-3014nd2019-e8ff4cc4

## 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 reached quickly. The settlement deed was placed on record, and the application was annexed with the affidavit of the IRP. The application was filed in the proper format, adhering to the provisions of the Code and regulation 12A. The court found no legal impediment to terminating the CIR process under Section 12(A) of the Code. The application was allowed, the CIR process was terminated, and the Corporate Debtor was released from the moratorium, permitted to function through its own Board. The petition was disposed of.

## Issues and analysis

### Issue 1: Whether the application filed by the IRP to record the compromise between the Operational Creditor …

**Ratio:** The court has the power to approve a compromise between the parties in a CIRP if it is

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**Reasoning:** The court reasoned that the application was in the proper format, adhering to the

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**Interpretation:** The court interpreted the relevant provisions of the Code and regulation 12A to

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**Application:** The court applied the ratio to the facts of the case, finding that the

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## Parties

- **Judges:** L. N. G…; Ina Mal…
- **Respondents:** Advance Power…; Gayatri S…

## 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…

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