# 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-02563. 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-02563
- **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-20-1df4dc84

## 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 Resolution Professional S. Vasudevan, is withdrawing the application based on a Memorandum of Settlement.

## Facts

The key facts are that CP(IB)/690(CHE)/2020 was filed under the IBC. The parties involved reached a settlement, leading to the filing of a 12A application. S. Vasudevan, the Resolution Professional, filed Form FA to withdraw the application. The Memorandum of Settlement was executed by both parties. The court took the settlement on record. The relevance of these facts is that they demonstrate the process of settling an insolvency case and the subsequent withdrawal of the application.

## 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### Issue 1: Whether the application CP(IB)/690(CHE)/2020 can be withdrawn based on the settlement reached …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 are allowed to settle their disputes and

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

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**Interpretation:** The interpretation is that Section 12A provides a mechanism for parties to

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**Application:** In this specific case, the ratio and reasoning were applied to allow the

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## Parties

- **Judges:** S. Ramath…; B. Anil…
- **Appellants:** S Vasudev…
- **Respondents:** Techmed Health…

## Timeline

- **2020-01-01 — CP(IB)/690(CHE)/2020…**: CP(IB)/690(CHE)/2020…
- **2022-05-30 — Hearing…**: Hearing held on 30-05-2022 at 10.30…

## 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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