# In the matter of Globalone Technologies Pvt. Ltd. IA 3590(MB)2022 in C.P.(IB)-4466(MB)-2019

> NCLT judgment dated 2022-11-28. Citation: TCN-2022-NCLT-00304. The case involves an application (IA-3590/2022) filed under Section 12-A of the Insolvency and…

- **Court:** NCLT
- **Order date:** 28 Nov 2022
- **Citation:** TCN-2022-NCLT-00304
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/globalone-technologies-pvt-ltd-ia-3590mb2022-in-cpib-4466mb-2019-7f2b837e

## Summary

### Background

The case involves an application (IA-3590/2022) filed under Section 12-A of the Insolvency and Bankruptcy Code, 2016, by Mr. Shyamsunder Purshottamlal Dhanuka, the Interim Resolution Professional (IRP) of the Corporate Debtor. The IRP placed on record the Settlement Agreement of the Consent Terms dated 19.11.2022. The IRP submitted that all expenses incurred during the Corporate Insolvency Resolution Process (CIRP) have been paid by the Corporate Debtor to the full and final satisfaction of the IRP.

## Facts

Mr. Shyamsunder Purshottamlal Dhanuka, the Interim Resolution Professional (IRP) of the Corporate Debtor, filed an application (IA-3590/2022) under Section 12-A of the Insolvency and Bankruptcy Code, 2016. The application was to place on record the Settlement Agreement of the Consent Terms dated 19.11.2022. The IRP submitted that the Corporate Debtor had paid all expenses incurred during the Corporate Insolvency Resolution Process (CIRP) to the full and final satisfaction of the IRP. The Corporate Debtor had fully satisfied the Operational Creditor, leaving nothing remaining in the Company Petition. This led the court to allow the Corporate Debtor out of the rigour of the CIRP.

## Issues and analysis

### Issue 1: Whether IA-3590/2022 should be allowed, considering the Corporate Debtor has paid all expenses …

**Ratio:** Section 12-A of the Insolvency and Bankruptcy Code, 2016 allows for the withdrawal of an

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**Reasoning:** The court reasoned that since the Corporate Debtor had paid all expenses incurred during

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**Interpretation:** Section 12-A provides a mechanism for settling disputes and withdrawing CIRP

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**Application:** The court applied the principle of facilitating settlements under Section 12-A

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## Parties

- **Judges:** Shyam Babu…; P.N. Des…
- **Respondents:** Hexacom Technologi…; Abse…

## Timeline

- **2022-11-19 — Settlement Agreement…**: Settlement Agreement of the…
- **2022-11-28 — Order Da…**: Order sheet of the hearing of Mumbai Bench…

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