# In the matter of Vandeu International Pvt. Ltd. CA-881-C-V-ND-2020 in IB-1695-ND-2019

> NCLT judgment dated 2020-01-31. Citation: TCN-2020-NCLT-02121. An application bearing no. CA-881/C-V/ND/2020 was filed by the Interim Resolution Professional…

- **Court:** NCLT
- **Order date:** 31 Jan 2020
- **Citation:** TCN-2020-NCLT-02121
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vandeu-international-pvt-ltd-ca-881-c-v-nd-2020-in-ib-1695-nd-2019-53e827de

## Summary

### Background

An application bearing no. CA-881/C-V/ND/2020 was filed by the Interim Resolution Professional (IRP) under Section 12(a) read with rule 11 of the NCLT Rules, seeking permission to withdraw the application. The IRP submitted that no Committee of Creditors (CoC) had been constituted, and the matter had been settled between the parties. Only one claim from an Operational Creditor was received following the public announcement, and no other creditor raised any claim. The IRP also enclosed Form-FA, indicating a settlement between the parties. The IRP confirmed receipt of costs and fees, with no other dues pending against the Corporate Debtor.

## Facts

M/s. Power2sme Pvt Ltd. filed an application under Section 9 of the IBC, 2016 against M/s Vandeu International Pvt Ltd. The IRP filed an application CA-881/C-V/ND/2020 under Section 12(a) read with rule 11 of the NCLT Rules to withdraw the application. No CoC was constituted. The matter was settled between the parties. Only one claim from an Operational Creditor was received. The IRP enclosed Form-FA, indicating a settlement. The IRP received costs and fees, with no other dues pending against the Corporate Debtor. The court approved the withdrawal of the application.

## Issues and analysis

### Issue 1: Whether the IRP should be permitted to withdraw the application under Section 12(a) of the IBC, …

**Ratio:** The legal principle applied is that when a settlement is reached between the parties in

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**Reasoning:** The court reasoned that since the parties had settled the matter, no CoC was formed, and

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**Interpretation:** Section 12(a) of the IBC, read with Rule 11 of the NCLT Rules, provides a

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**Application:** In this case, the court applied the ratio by considering the IRP's submission

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** M/s. Power2sme…
- **Respondents:** M/s Vandeu…

## Timeline

- **2020-01-31 — Order Del…**: Order delivered on 31.01.2020, allowing…

## 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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