# In the matter of Vaaan Infra Pvt. Ltd. IA-435-2022 in IB-412-ND-2020

> NCLT judgment dated 2022-01-28. Citation: TCN-2022-NCLT-04351. The case involves an application (IA/435/2022) filed by Datacorp Traffic Pvt Ltd, the…

- **Court:** NCLT
- **Order date:** 28 Jan 2022
- **Citation:** TCN-2022-NCLT-04351
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vaaan-infra-pvt-ltd-ia-435-2022-in-ib-412-nd-2020-3282fecd

## Summary

### Background

The case involves an application (IA/435/2022) filed by Datacorp Traffic Pvt Ltd, the applicant, seeking permission to withdraw the present Petition/CIRP proceedings against VaaN Infra Pvt. Ltd., the corporate debtor. The application is based on an amicable settlement reached between the operational creditor (the applicant) and the corporate debtor, as evidenced by a Full and Final Settlement Agreement dated 24.01.2022. The applicant/IRP submits that the matter has been settled between the parties and CoC has not been constituted as yet. He further submits that in para 6, the applicant has mentioned this fact that even after advertisement, no claim has been received by the applicant. He further submits that the operational creditor has submitted the Form FA at page 22

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## Facts

Datacorp Traffic Pvt Ltd initiated CIRP against VaaN Infra Pvt. Ltd. under Section 9 of the IBC. An amicable settlement was reached between Datacorp Traffic Pvt Ltd (the operational creditor and applicant) and VaaN Infra Pvt. Ltd. (the corporate debtor). The applicant filed IA/435/2022 seeking permission to withdraw the CIRP proceedings based on a Full and Final Settlement Agreement dated 2022-01-24. The applicant/IRP submitted that the matter has been settled between the parties and CoC has not been constituted as yet. He further submits that in para 6, the applicant has mentioned this fact that even after advertisement, no claim has been received by the applicant. He further submits that the operational creditor has submitted the Form FA at page 22 of application and

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## Issues and analysis

### Issue 1: Whether the applicant should be allowed to withdraw the CIRP proceedings in view of the amicable …

**Ratio:** The principle is that if parties to a CIRP reach an amicable settlement and no other

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**Reasoning:** The court reasoned that an amicable settlement had been reached between the operational

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**Interpretation:** This legal issue involves the interpretation of the Insolvency and Bankruptcy

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**Application:** In this case, the ratio applies because the applicant and the corporate debtor

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; AVINASH K.…
- **Appellants:** Datacorp Traffic…
- **Respondents:** VaaN Infra Pvt.…

## Timeline

- **2022-01-24 — Full and Final…**: Date of the Full and Final Settlement Agreement between the Operational Creditor and the…
- **2022-01-28 — Order Del…**: Order delivered by the NCLT allowing the…

## 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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