# In the matter of AAR VEE Printers Pvt. Ltd. IA-1518-ND-2022 in IB-372-ND-2020

> NCLT judgment dated 2022-07-05. Citation: TCN-2022-NCLT-01887. The case involves an application (IA/1518/ND/2022) filed on behalf of the Interim Resolution…

- **Court:** NCLT
- **Order date:** 5 Jul 2022
- **Citation:** TCN-2022-NCLT-01887
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aar-vee-printers-pvt-ltd-ia-1518-nd-2022-in-ib-372-nd-2020-c2deaa97

## Summary

### Background

The case involves an application (IA/1518/ND/2022) filed on behalf of the Interim Resolution Professional (IRP) stating that the matter has been settled between the parties and the amount has been paid. The application was filed in the context of IB/372/ND/2020.

## Facts

M/s Dalip Narinder Gupta Sole Proprietor of M/s Gem International filed an application against M/s Aar VEE Printers Pvt Ltd. IA/1518/ND/2022 was filed by the IRP stating that the matter has been settled between the parties and the amount has already been paid. The IRP's counsel confirmed that the IRP fees and costs have been paid. The application was filed in the context of IB/372/ND/2020. The application under Section 12A was accepted, leading to the withdrawal of proceedings and discharge of the CIRP. The Corporate Debtor has come out on the previous date. Management stands restored to the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the settlement between the parties warrants the acceptance of the application under Section …

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

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**Reasoning:** The court accepted the application under Section 12A because the parties had reached a

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

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**Application:** In this case, the settlement between M/s Dalip Narinder Gupta and M/s Aar VEE

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## Parties

- **Judges:** DHARMINDER…; BINOD KUMAR…
- **Appellants:** M/s Dalip…
- **Respondents:** M/s Aar VEE…

## Timeline

- **N/A — Filing of IA/1518/ND/202…**: IA/1518/ND/2022 was filed on behalf of the Ld. IRP stating that the matter has been…
- **2022-07-05 — Order Del…**: Order delivered on 05.07.2022,…

## 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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