# In the matter of Angel Promoters Private Limited

> NCLT judgment dated 2024-07-08. Citation: TCN-2024-NCLT-01049. The application IA/3021/2024 was filed by the Resolution Professional under Section 12A of the…

- **Court:** NCLT
- **Order date:** 8 Jul 2024
- **Citation:** TCN-2024-NCLT-01049
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/angel-promoters-private-limited-69d8b9af

## Summary

### Background

The application IA/3021/2024 was filed by the Resolution Professional under Section 12A of the IBC, 2016, read with Regulation 30A of the IBBI (IRP for CP Regulation, 2016), and Rule 11 of the NCLT, 2016, seeking liberty to the C.P. IB-2479/PB/2019 on account of settlement made between the Corporate Debtor and Financial Creditor. The CIRP in this case was admitted vide order dated 20.12.2023 and before the constitution of the CoC.

## Facts

The Resolution Professional filed an application IA/3021/2024 under Section 12A of the IBC, 2016, seeking liberty to the C.P. IB-2479/PB/2019 due to a settlement between the Corporate Debtor and Financial Creditor. The CIRP had been admitted on 20.12.2023, but the CoC had not yet been constituted. The Financial Creditor and Corporate Debtor entered into a Settlement Agreement, and the Corporate Debtor paid the amount due to the Financial Creditor. The counsels for both parties acknowledged the settlement. The application was filed in accordance with Regulation 30A of the IBBI IRP C.P. Regulation.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Section 12A of the IBC, 2016, allows for the withdrawal of CIRP upon settlement between

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**Reasoning:** The court noted that the Financial Creditor and Corporate Debtor had entered into a

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**Interpretation:** Section 12A and Regulation 30A are interpreted to facilitate settlements

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**Application:** The court applied Section 12A and Regulation 30A to the facts of the case,

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** Mis. Raj kumar…
- **Respondents:** angel promoters…

## Timeline

- **2023-12-20 — CIRP Admi…**: CIRP was admitted vide…
- **2024-07-08 — Order Del…**: Order delivered on 08.07.2024…

## 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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