# In the matter of Samak Landscape Pvt. Ltd. IA No. 1991-ND-2020 in (IB)-1176-ND-2019

> NCLT judgment dated 2020-09-17. Citation: TCN-2020-NCLT-00602. IA No. 1991/ND/2020 was filed, and a Status Report was submitted by the Resolution…

- **Court:** NCLT
- **Order date:** 17 Sept 2020
- **Citation:** TCN-2020-NCLT-00602
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/samak-landscape-pvt-ltd-ia-no-1991-nd-2020-in-ib-1176-nd-2019-4bc87a33

## Summary

### Background

IA No. 1991/ND/2020 was filed, and a Status Report was submitted by the Resolution Professional, Mr. Manoj Kumar Aanand. The Resolution Professional reported that the matter has been settled between the parties, and a settlement agreement is annexed.

## Facts

Ayu Infrastructure Pvt. Ltd. filed an application against Samak Landscape Pvt. Ltd. IA No. 1991/ND/2020 was filed, and a status report was submitted by the Resolution Professional, Mr. Manoj Kumar Aanand, stating that the matter has been settled between the parties, and a settlement agreement is annexed. The parties filed an application under Section 12A of the IBC, seeking to formalize the settlement.

## Issues and analysis

### Issue 1: Whether the application filed under Section 12A of the IBC should be allowed and the matter …

**Ratio:** Section 12A of the Insolvency and Bankruptcy Code (IBC) allows for the withdrawal of an

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**Reasoning:** The court considered the status report filed by the Resolution Professional, which

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**Interpretation:** Section 12A provides a mechanism for parties to settle disputes and withdraw

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**Application:** Given the settlement between the parties and the filing of an application under

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Ayu Infrastructure…
- **Respondents:** Samak Landscape…

## Timeline

- **2019-01-01 — IA Filin…**: IA No. 1991/ND/2020…
- **2020-09-17 — Order Del…**: Order delivered on 17.09.2020, allowing the application under Section 12A and disposing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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