# In the matter of Vasathi Housing Ltd. IA (IBC)-478-2022 in CP (IB) No. 66-9-HDB-2020

> NCLT judgment dated 2022-06-01. Citation: TCN-2022-NCLT-02501. The application IA 478/2022 was filed under Section 12A of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 1 Jun 2022
- **Citation:** TCN-2022-NCLT-02501
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vasathi-housing-ltd-ia-ibc-478-2022-in-cp-ib-no-66-9-hdb-2020-18ce1d8f

## Summary

### Background

The application IA 478/2022 was filed under Section 12A of the Insolvency & Bankruptcy Code, 2016. The applicant, who is the IRP, submitted that both parties have amicably settled the matter and payments have been made.

## Facts

An application, IA 478/2022, was filed under Section 12A of the Insolvency & Bankruptcy Code, 2016. The IRP submitted that the parties, Vasathi Housing Ltd and Indiabulls Distribution Services Ltd, have settled the matter amicably and that the required payments have been made. Consequently, an application was made to restore the Corporate Debtor Company to its normal functioning, bringing it back from the CIRP. Form FA was also submitted. The Corporate Debtor is Vasathi Housing Ltd.

## Issues and analysis

### Issue 1: Whether the application IA 478/2022 should be allowed based on the settlement between the parties …

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

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**Reasoning:** The court considered the submission of the IRP that both parties have settled the matter

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**Interpretation:** Section 12A provides a mechanism for resolving insolvency proceedings outside

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**Application:** Based on the IRP's submission and the submission of Form FA, the court applied

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## Parties

- **Judges:** Bhaskara Pantula…; BINOD KUMAR…
- **Respondents:** Vasathi Housing…

## Timeline

- **2022-06-01 — Hearing…**: Hearing held on June 1, 2022, at…
- **2022-01-01 — Application IA 478/2022…**: Application IA 478/2022 filed…

## 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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