# In the matter of Pawan Doot Estate Private Limited IA. 6012-ND-2020 in Company Petition No. (IB)-71(ND)-2019

> NCLT judgment dated 2023-01-18. Citation: TCN-2023-NCLT-05013. Edelweiss Assets Reconstruction Company Limited, a financial creditor and member of the CoC of…

- **Court:** NCLT
- **Order date:** 18 Jan 2023
- **Citation:** TCN-2023-NCLT-05013
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pawan-doot-estate-private-limited-ia-6012-nd-2020-in-company-petition-no-ib-71nd-250f5368

## Summary

### Background

Edelweiss Assets Reconstruction Company Limited, a financial creditor and member of the CoC of Pawan Doot Estate Private Limited (the corporate debtor), filed IA No. 6012 of 2022 seeking deferment of orders in IA-1077/ND/2020, which is an application for approval of a resolution plan. The applicant sought deferment to allow for a settlement proposal under Section 12A of the IBC. The promoter of the corporate debtor, Mr. Hem Singh Bharana, submitted the settlement proposal, which was accepted by the management of the applicant and Canara Bank. The response from Bank of India, the remaining member of the CoC, was awaited. The Tribunal had dismissed another IA-5694/2022 filed by the promoter seeking hearing of the application for approval of the Resolution Plan in

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## Facts

Edelweiss Assets Reconstruction Company Limited (EARCL), a financial creditor, filed IA No. 6012/ND/2022 seeking deferment of orders in IA-1077/ND/2020, an application for approval of a resolution plan for Pawan Doot Estate Private Limited, the corporate debtor. The applicant sought deferment to allow for a settlement proposal under Section 12A of the IBC. The promoter of the corporate debtor, Mr. Hem Singh Bharana, submitted a settlement proposal, which was accepted by the management of EARCL and Canara Bank. Bank of India's response was awaited. The Tribunal had dismissed IA-5694/2022 filed by the promoter seeking hearing of the application for approval of the Resolution Plan in abeyance. The applicant apprehended prejudice to the CoC members and defeat of value

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## Issues and analysis

### Issue 1: Whether the said “settlement proposal" can even be considered under Section 12A of IBC, 2016, …

**Ratio:** Once the Resolution Plan is approved by a 100 per cent voting share of the CoC, the

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**Reasoning:** The court relied on the Judgement passed in the matter of Union Bank of India Vs Kapil

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**Interpretation:** The interpretation of Section 12A of the IBC, in conjunction with Section 30

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**Application:** In the instant case, the Resolution Plan has been approved by the CoC with 100%

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## Parties

- **Judges:** SH. BACHU VENKAT…; SH. L. N.…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Pawan Doot Estate…

## Timeline

- **2022-05-31 — Settlement P…**: Promoter submitted a Settlement Proposal dated 31.05.2022, proposing to pay INR 16.37…
- **2022-07-18 — Joint Lenders…**: The Settlement Proposal was discussed in 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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