# In the matter of Paras Seasons Haven Pvt. Ltd. IA-3590-2020 in C.P. (IB) 159(ND)2019

> NCLT judgment dated 2020-09-10. Citation: TCN-2020-NCLT-00649. The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 10 Sept 2020
- **Citation:** TCN-2020-NCLT-00649
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/paras-seasons-haven-pvt-ltd-ia-3590-2020-in-cp-ib-159nd2019-60d8524d

## Summary

### Background

The case involves an application filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) by the Operational Creditor, as the Committee of Creditors (CoC) was not formed. The applicant states that in compliance with the order passed by the Bench, a settlement agreement was duly executed between the parties on August 31, 2020, and annexed with the application.

## Facts

Yogendra Kumar Sharma filed an application against M/s Paras Manohar Malik. The application was filed under Section 12A of the IBC, as the CoC was not formed. A settlement agreement was executed between the parties on 2020-08-31 and annexed with the application. The IRP, Mr. Vijay Oberoi, stated that the CIRP costs would be covered by the applicant's deposit, with any surplus to be refunded. The court considered the submissions and documents on record.

## Issues and analysis

### Issue 1: Whether the application under Section 12A of the IBC should be allowed given the settlement …

**Ratio:** Section 12A of the IBC allows for the withdrawal of an application admitted under Section

…

**Reasoning:** The court considered the settlement agreement executed between the parties and the

…

**Interpretation:** Section 12A provides a mechanism for settling disputes and withdrawing CIRP

…

**Application:** In this case, since the CoC was not formed, the court exercised its discretion

…

## Parties

- **Judges:** DEEPTI M…; SUMITA PURK…; +1 more
- **Appellants:** Yogendra Kumar…
- **Respondents:** M/s Paras Manohar…

## Timeline

- **2020-08-31 — Settlement Agreement…**: Settlement agreement duly…
- **2020-09-10 — Order Del…**: Order delivered by the NCLT allowing the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

---

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/paras-seasons-haven-pvt-ltd-ia-3590-2020-in-cp-ib-159nd2019-60d8524d