# In the matter of Beacon Trusteeship Ltd Vs. Premkumar Gangwani, CP (IB)/39(MB)/2021

> NCLT judgment dated 2022-02-15. Citation: TCN-2022-NCLT-04142. The case involves an application (IA 302 of 2022) filed under Section 95 of the Code seeking…

- **Court:** NCLT
- **Order date:** 15 Feb 2022
- **Citation:** TCN-2022-NCLT-04142
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/beacon-trusteeship-ltd-vs-premkumar-gangwani-cp-709dda6f

## Summary

### Background

The case involves an application (IA 302 of 2022) filed under Section 95 of the Code seeking the withdrawal of CP 39 of 2021. The parties have submitted that they have executed a common consent terms with all four personal guarantors.

## Facts

An application, IA 302 of 2022, was filed under Section 95 of the Code to withdraw CP 39 of 2021. The parties involved submitted that they had reached a common consent agreement with all four personal guarantors. Due to an amicable settlement between the parties, the court considered the application for withdrawal. The key fact is the amicable settlement leading to the withdrawal request.

## Issues and analysis

### Issue 1: Whether IA 302 of 2022 should be allowed, leading to the withdrawal of CP 39 of 2021, given the …

**Ratio:** When parties reach an amicable settlement and consent to the withdrawal of a corporate

…

**Reasoning:** The court reasoned that because the parties had reached an amicable settlement, and the

…

**Interpretation:** The interpretation is that the court recognizes and respects the parties'

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

- **Judges:** ANURADHA SANJAY…; SUCHITRAKAN…
- **Appellants:** Beacon Trusteeship…
- **Respondents:** Premkumr Ga…

## Timeline

- **2022-02-15 — Order Da…**: Order sheet of the hearing of Mumbai Bench…
- **2022-01-01 — IA 302 of 202…**: Application filed u/s. 95 of the Code…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/beacon-trusteeship-ltd-vs-premkumar-gangwani-cp-709dda6f