# 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-04346. The applicant filed an application seeking permission to withdraw the present Petition/CIRP…

- **Court:** NCLT
- **Order date:** 28 Jan 2022
- **Citation:** TCN-2022-NCLT-04346
- **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-ddcca417

## Summary

### Background

The applicant filed an application seeking permission to withdraw the present Petition/CIRP proceedings due to an amicable settlement with the Corporate Debtor. The applicant/IRP submitted that the matter has been settled between the parties, and the CoC has not been constituted yet. The applicant also mentioned that no claim has been received even after advertisement. The operational creditor has submitted Form FA, and the applicant has received his fee and expenses.

## Facts

Datacorp Traffic Pvt Ltd (Applicant) initiated CIRP against VaaN Infra Pvt. Ltd. (Respondent). The applicant sought to withdraw the CIRP proceedings based on an amicable settlement with the corporate debtor, VaaN Infra Pvt. Ltd., as per the Full and Final Settlement Agreement dated 2022-01-24. The IRP's fees and expenses were already paid, and no other claims were received after the advertisement. The operational creditor submitted Form FA. The matter was settled before the constitution of the Committee of Creditors (CoC).

## Issues and analysis

### Issue 1: Whether the applicant should be permitted to withdraw the present Petition/CIRP proceedings in view …

**Ratio:** When an amicable settlement is reached between the operational creditor and the corporate

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**Reasoning:** The court reasoned that since the matter has been settled, the IRP's fees have been paid,

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**Interpretation:** This interpretation allows for the efficient resolution of disputes through

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**Application:** In this case, the applicant and the corporate debtor reached an amicable

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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…**: Full and Final Settlement Agreement dated 24.01.2022 between Operational Creditor and…
- **2022-01-28 — Order Del…**: Order delivered on 28.01.2022,…

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