# In the matter of Innovate Ventures (India) Pvt. Ltd. I.A. 85-2019 in CP-19-GB-2019

> NCLT judgment dated 2019-12-04. Citation: TCN-2019-NCLT-00331. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016.…

- **Court:** NCLT
- **Order date:** 4 Dec 2019
- **Citation:** TCN-2019-NCLT-00331
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/innovate-ventures-india-pvt-ltd-ia-85-2019-in-cp-19-gb-2019-16153a35

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Professional (IRP) filed I.A. No. 85 stating that the parties have reached a settlement by executing a settlement agreement on 10.10.2019. Form FA, annexed as Annexure-D, was received, and fees and reimbursement of expenses were paid on 06.11.2019.

## Facts

Shri Shashi Agarwal, the Interim Resolution Professional (IRP) of Innovate Ventures (India) Pvt. Ltd., filed an application (I.A. No. 85) stating that the parties involved in the insolvency proceedings had reached a settlement. A settlement agreement was executed on 10.10.2019. Form FA, documenting the settlement, was received and annexed as Annexure-D to the application. The fees and reimbursement of expenses related to the insolvency process were paid on 06.11.2019. Based on the settlement, the IRP requested permission to withdraw the company petition No. CP (IB)/19/GB/2019. The relevance of these facts lies in demonstrating that the parties resolved their dispute outside of the formal insolvency process, leading to the withdrawal of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the company petition No. CP (IB)/19/GB/2019 should be allowed to be withdrawn based on the …

**Ratio:** The legal principle applied is that if parties involved in an insolvency proceeding reach

…

**Reasoning:** The court reasoned that since the parties had reached a settlement agreement and the

…

**Interpretation:** This interpretation aligns with the intent of the IBC to facilitate resolution

…

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

…

## Parties

- **Judges:** Hari Venkata…
- **Appellants:** Shashi Ag…
- **Respondents:** Innovate Ventures…; Shital Kumar…

## Timeline

- **2019-10-10 — Settlement Ag…**: Parties executed a…
- **2019-11-06 — Payment of Fees and…**: Fees and reimbursement…

## 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)

---

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/innovate-ventures-india-pvt-ltd-ia-85-2019-in-cp-19-gb-2019-16153a35