# In the matter of Aditya Thermopack Pvt. Ltd. (IB)-1171(ND)2019

> NCLT judgment dated 2019-09-19. Citation: TCN-2019-NCLT-01386. The case involves a petition for the termination of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 19 Sept 2019
- **Citation:** TCN-2019-NCLT-01386
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aditya-thermopack-pvt-ltd-ib-1171nd2019-87102316

## Summary

### Background

The case involves a petition for the termination of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the Insolvency and Bankruptcy Code (IBC). A progress report filed by the Interim Resolution Professional (IRP) is on record, indicating that no claims have been received, except for the petitioner's claim as the Operational Creditor. The IRP's presence was required to confirm the constitution of the Committee of Creditors (CoC).

## Facts

The Interim Resolution Professional (IRP) filed a progress report indicating that no claims were received, except for the petitioner's claim as the Operational Creditor. An application was filed under Section 12A of the Insolvency and Bankruptcy Code (IBC) for the termination of the Corporate Insolvency Resolution Process (CIRP) due to a settlement between the parties. The Director of the Operational Creditor provided an affidavit confirming their consent for the termination of the CIRP. The IRP confirmed the facts of the case. The relevance of these facts is that they demonstrate a settlement between the parties involved, leading to the termination of the CIRP.

## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) should be terminated under Section 12A …

**Ratio:** The legal principle applied is that the CIRP can be terminated if there is a settlement

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**Reasoning:** The court reasoned that since the IRP confirmed the facts of the case and there was a

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**Interpretation:** Section 12A of the IBC is interpreted to allow for the termination of the CIRP

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**Application:** In this specific case, the ratio and reasoning are applied to the facts by

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## Parties

- **Judges:** L. N. G…; Ina Mal…
- **Respondents:** M/s. Aditya…

## Timeline

- **2019-09-19 — Order Da…**: Attendance-cum-order sheet of the hearing before New Delhi Bench of the National Company…

## 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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