# In the matter of Kaizen AAC Blocks Pvt. Ltd. IA 640,795,3949, 3897 & 3950-2022, MA 846-2019 
 & MA 810-2020 in C.P. (IB)-2668(MB)2018

> NCLT judgment dated 2023-01-03. Citation: TCN-2023-NCLT-05208. The case involves multiple Interlocutory Applications (IAs) filed under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 3 Jan 2023
- **Citation:** TCN-2023-NCLT-05208
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kaizen-aac-blocks-pvt-ltd-ia-6407953949-3897-3950-2022-ma-846-2019-ma-810-2020-i-6103aac2

## Summary

### Background

The case involves multiple Interlocutory Applications (IAs) filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking withdrawal of earlier IAs. These applications were filed by M/s Balaji Enterprises, M/s MM Lubricants, and the Interim Resolution Professional (IRP) of Kaizan Aac Blocks Ltd. The applications were filed in relation to C.P.(IB)/2668(MB)/2018. The court considered the submissions of the counsels and the averments made in the applications.

## Facts

M/s Balaji Enterprises filed IA 3949/2022 seeking withdrawal of IA 795/2022. M/s MM Lubricants filed IA 3950/2022 seeking withdrawal of IA 640/2022. The IRP of Kaizan Aac Blocks Ltd filed IA 3897/2022 seeking withdrawal of C.P.(IB)/2668(MB)/2018. The Corporate Debtor agreed to pay Rs. 18,00,000 to M/s Balaji Enterprises and Rs. 8,50,000 to M/s MM Lubricants. M/s MM Lubricants has already received Rs. 2,50,000. Settlement deeds were entered into on 06.12.2022 and 18.12.2022. The IRP submitted that a settlement had been reached between the Operational Creditors and the Corporate Debtor. These facts are relevant because they demonstrate that the parties have resolved their disputes and are seeking to withdraw the pending applications.

## Issues and analysis

### Issue 1: Whether IA No. 3949/2022, filed by M/s Balaji Enterprises, seeking withdrawal of IA No. 795/2022, …

**Ratio:** The principle of allowing withdrawal of applications when parties have reached a

…

**Reasoning:** The court reasoned that since the parties had entered into a settlement deed dated

…

**Interpretation:** This involves interpreting Section 60(5) of the Insolvency and Bankruptcy Code,

…

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

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## Parties

- **Judges:** Shyam Babu…; P.N. Des…
- **Appellants:** M/S Balaji…
- **Respondents:** Kaizen Aac Blocks…; Manoj Kuma…
- **Advocates:** Monica Ma…; S.K J…

## Timeline

- **2022-12-06 — Settlemen…**: Parties entered into a…
- **2022-12-18 — Settlemen…**: Parties entered into a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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