# In the matter of Techmed Health Centre and Diagnostic Pvt. Ltd. IA(IBC)-549(CHE)-2022 in CP(IB)-690(CHE)-2020

> NCLT judgment dated 2022-05-30. Citation: TCN-2022-NCLT-02544. The case involves an application CP(IB)/690(CHE)/2020 filed under the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 30 May 2022
- **Citation:** TCN-2022-NCLT-02544
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/techmed-health-centre-and-diagnostic-pvt-ltd-iaibc-549che-2022-in-cpib-690che-20-01659d69

## Summary

### Background

The case involves an application CP(IB)/690(CHE)/2020 filed under the Insolvency and Bankruptcy Code (IBC). Both parties have entered into a settlement, leading to the filing of a 12A application. The applicant, through the Resolution Professional (RP) Mr. S. Vasudevan, is withdrawing the application based on a Memorandum of Settlement executed by both parties.

## Facts

The key facts are that CP(IB)/690(CHE)/2020 was filed, and subsequently, both parties reached a settlement. A 12A application was filed as a result of this settlement. The applicant, represented by the Resolution Professional S. Vasudevan, withdrew the application based on a Memorandum of Settlement. The court acknowledged the settlement and dismissed the application. IA(IBC)/549(CHE)2022 was also dismissed as withdrawn.

## Issues and analysis

### Issue 1: Whether the application CP(IB)/690(CHE)/2020 can be withdrawn based on the settlement reached …

**Ratio:** The legal principle applied is that parties can settle disputes and withdraw applications

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**Reasoning:** The court reasoned that since both parties had entered into a settlement and a 12A

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**Interpretation:** Section 12A of the IBC is interpreted to allow for the withdrawal of

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**Application:** In this case, the court applied the principle of allowing withdrawal based on

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## Parties

- **Judges:** S. Ramath…; B. Anil…
- **Appellants:** S Vasudev…
- **Respondents:** Techmed Health…
- **Advocates:** Madhusruthi…; R. Krith…; +1 more

## Timeline

- **2020-01-01 — CP(IB)/690(CHE)/2020…**: CP(IB)/690(CHE)/2020…
- **2022-05-30 — Hearing…**: Hearing held on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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