# In the matter of Samco Securities Limited

> NCLT judgment dated 2024-02-05. Citation: TCN-2024-NCLT-02774. The case involves an Interlocutory Application (IA 379/2024) filed in connection with a…

- **Court:** NCLT
- **Order date:** 5 Feb 2024
- **Citation:** TCN-2024-NCLT-02774
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/samco-securities-limited-9f1585ef

## Summary

### Background

The case involves an Interlocutory Application (IA 379/2024) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Samco Securities Limited. The CIRP was initiated vide order dated 24.01.2024. The applicant sought withdrawal of the CIRP after settling the matter with the petitioner (Gupshup Technology India Private Limited).

## Facts

Gupshup Technology India Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Samco Securities Limited. The CIRP was initiated on 24.01.2024. Subsequently, Gupshup Technology India Private Limited and Samco Securities Limited reached a settlement for Rs. 1,43,52,775/-, executing a settlement agreement on 25.01.2024. Samco Securities Limited made a part payment of Rs. 75,00,000/- to Gupshup Technology India Private Limited on 25.01.2024 and provided a demand draft for the balance amount of Rs. 68,52,775/- on the same date. Gupshup Technology India Private Limited remitted Rs. 5,00,000/- towards the CIRP admission order. Gupshup Technology India Private Limited then filed Form FA on 29.01.2024, seeking withdrawal of the CIRP, stating that no

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application for withdrawal of the Corporate Insolvency Resolution Process …

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

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**Reasoning:** The court considered the submissions and documents presented, noting that a settlement

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

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**Application:** In this case, the settlement between Gupshup Technology India Private Limited

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Ayush R…
- **Respondents:** Samco Securities…; Gupshup Technology…

## Timeline

- **2024-01-24 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2024-01-25 — Settlement Ag…**: Gupshup Technology India Private Limited and Samco Securities Limited executed a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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