# In the matter of VSM Venture Control Systems Pvt. Ltd. IA-365-2021 in IB-939-ND-2020

> NCLT judgment dated 2021-01-28. Citation: TCN-2021-NCLT-03210. The application was filed under Section 12A of the IBC read with Regulation 30A(1)(a) of the…

- **Court:** NCLT
- **Order date:** 28 Jan 2021
- **Citation:** TCN-2021-NCLT-03210
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vsm-venture-control-systems-pvt-ltd-ia-365-2021-in-ib-939-nd-2020-e52dc096

## Summary

### Background

The application was filed under Section 12A of the IBC read with Regulation 30A(1)(a) of the Insolvency and Bankruptcy Code, 2016. The IRP, Deepak Kr. Aggarwal, sought withdrawal of the company petition IB-939/ND/2020.

## Facts

The IRP, Deepak Kumar Aggarwal, filed an application for withdrawal of the company petition IB-939/ND/2020 under Section 12A of the IBC. A settlement was reached between the parties, and the applicant submitted Form FA. The IRP confirmed receiving his cost/fee, which was why the bank guarantee was not enclosed. The CoC had not been constituted, and the matter was not referred to it. The court allowed the withdrawal of the application.

## Issues and analysis

### Issue 1: Whether the applicant should be allowed to withdraw the main application given that a settlement …

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

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**Reasoning:** The court reasoned that since a settlement had been reached between the parties and the

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**Interpretation:** Section 12A and Regulation 30A(1)(a) of the IBC are interpreted to facilitate

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**Application:** In this case, the court applied the ratio by allowing the applicant to withdraw

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** Honest Machinery…
- **Respondents:** VSM Venture…
- **Advocates:** Sanchit…

## Timeline

- **2021-01-28 — Order Del…**: The order was delivered on January 28, 2021,…

## 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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