Section 12A under the Insolvency Code cannot apply retrospectively to an already admitted petition, though settlement may still be recorded.

Section 12A of the Insolvency and Bankruptcy Code, 2016 was treated as inapplicable to a petition admitted before it came into force on 06.06.2018, because the proceedings had already reached the admission stage when the provision became operative. The Court nevertheless took note of the subsequent settlement between the parties, set aside the earlier orders, and disposed of the matter by recording that settlement.

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Issues: Whether Section 12A of the Insolvency and Bankruptcy Code, 2016, which came into effect on 06.06.2018, could be applied to a petition admitted on 01.06.2018, and whether the settlement arrived at between the parties could be taken on record.

Analysis: The petition had already been admitted before Section 12A came into force. On that basis, the provision was held inapplicable to the proceedings. In view of the settlement subsequently arrived at between the parties, the earlier orders were set aside and the settlement was taken on record.

Conclusion: Section 12A did not apply to the admitted petition. The impugned orders were set aside and the matter was disposed of by taking the settlement on record.

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