# In the matter of Monotype India Ltd. C.P.(IB)-3657(MB)2018

> NCLT judgment dated 2023-01-25. Citation: TCN-2023-NCLT-04910. The case involves IA 2677/2021 filed by Purusottam Beheram, the Resolution Professional for the…

- **Court:** NCLT
- **Order date:** 25 Jan 2023
- **Citation:** TCN-2023-NCLT-04910
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/monotype-india-ltd-cpib-3657mb2018-9796b387

## Summary

### Background

The case involves IA 2677/2021 filed by Purusottam Beheram, the Resolution Professional for the Corporate Debtor, Monotype India Limited, under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A(5) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process of Corporate Persons Regulations, 2016). A settlement deed was entered on 2023-09-29 between the Financial Creditor and Naresh Manakchand Jain, the Suspended Director of Monotype India Limited. The Corporate Debtor agreed to pay Rs. 4,30,00,000/- as a settlement amount.

## Facts

A settlement deed was entered into on 2023-09-29 between the Financial Creditor and Naresh Manakchand Jain, the Suspended Director of Monotype India Limited. The Corporate Debtor, Monotype India Limited, agreed to pay a lump sum of Rs. 4,30,00,000/- towards full and final settlement of the dispute. The Resolution Professional, Purusottam Beheram, filed IA-2677/2021 under Section 12A of the Insolvency and Bankruptcy Code, 2016, read with Regulation 30A(5) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process of Corporate Persons Regulations, 2016). The counsel for the Suspended Director confirmed the contents of the settlement deed. The Resolution Professional submitted that all dues have been paid to the Financial Creditor, and there is nothing

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## Issues and analysis

### Issue 1: Whether the application under Section 12A of the Insolvency and Bankruptcy Code, 2016, should be …

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

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**Reasoning:** The court considered the settlement deed entered into between the Financial Creditor and

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

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**Application:** The court applied Section 12A by considering the settlement deed and the

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## Parties

- **Judges:** Shyam Babu…; P.N. Des…
- **Appellants:** Naresh…
- **Respondents:** Monotype In…; Purusottam…
- **Advocates:** Raina B…; Ayush R…; +1 more

## Timeline

- **2023-01-25 — Hearing…**: Hearing of Mumbai Bench of the…
- **2023-09-29 — Settlemen…**: Settlement Deed entered between Financial Creditor and Suspended Director, Naresh…

## 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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