# 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-02117. An application bearing no. CA-881/C-V/ND/2020 was filed by the IRP under Section 12(a) read…

- **Court:** NCLT
- **Order date:** 31 Jan 2020
- **Citation:** TCN-2020-NCLT-02117
- **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-2019-712295f8

## Summary

### Background

An application bearing no. CA-881/C-V/ND/2020 was filed by the 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 a 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 Interim Resolution Professional (IRP) filed an application (CA-881/C-V/ND/2020) under Section 12(a) of the IBC read with Rule 11 of the NCLT Rules to withdraw the application. No Committee of Creditors (CoC) was constituted. The matter was settled between the parties. Only one claim from an Operational Creditor was received after the public announcement. The IRP received his cost and fee, and no other dues were pending against the Corporate Debtor. The IRP enclosed Form-FA, indicating a settlement between the parties. The court considered these facts and the averments made in 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 here is that if the parties have settled the matter, and no

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**Reasoning:** The court reasoned that since the matter had been settled between the parties, no CoC had

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

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**Application:** In this specific case, the IRP submitted that the matter had been settled, no

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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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