# In the matter of V2 Retail Ltd. IA-2602-2020 in IB-2618-ND-2019

> NCLT judgment dated 2020-07-10. Citation: TCN-2020-NCLT-01048. An application bearing no. IA-2602/ND/2020 was filed on behalf of the IRP under Section 12A of…

- **Court:** NCLT
- **Order date:** 10 Jul 2020
- **Citation:** TCN-2020-NCLT-01048
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/v2-retail-ltd-ia-2602-2020-in-ib-2618-nd-2019-ec0e6dac

## Summary

### Background

An application bearing no. IA-2602/ND/2020 was filed on behalf of the IRP under Section 12A of the Code, read with Regulation 30A of the Insolvency and Bankruptcy Board of India, praying therein to approve the application for withdrawal of Company Petition bearing no. IB-2618/ND/2019. The matter was settled between the parties, and the IRP received all expenses. The IRP filed an application to withdraw the main application.

## Facts

Totem Media Solutions Pvt. Ltd. filed a company petition against V2 Retail Ltd. The IRP filed an application (IA-2602/ND/2020) under Section 12A of the IBC, read with Regulation 30A of the IBBI regulations, seeking approval for the withdrawal of the company petition (IB-2618/ND/2019). The matter was settled between the parties, and the IRP received all expenses. The IRP submitted Form-FA, indicating a settlement. The court considered the submissions and the settlement agreement.

## Issues and analysis

### Issue 1: Whether the settlement between the parties should be approved, and the company petition be …

**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 submissions made on behalf of both parties and perused the

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

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**Application:** In this case, the court found that the matter had been settled between the

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** Totem Media…
- **Respondents:** V2 Retail…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition bearing no.…
- **2020-06-25 — CIRP Initiati…**: Order was passed to…

## 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)

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