# In the matter of Agrante Infra Ltd. (IB)-167(ND)-2017

> NCLT judgment dated 2018-07-25. Citation: TCN-2018-NCLT-01080. CA 354/2018 was filed to terminate CIR proceedings based on a decision by the COC. The RP's…

- **Court:** NCLT
- **Order date:** 25 Jul 2018
- **Citation:** TCN-2018-NCLT-01080
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/agrante-infra-ltd-ib-167nd-2017-058ea031

## Summary

### Background

CA 354/2018 was filed to terminate CIR proceedings based on a decision by the COC. The RP's report indicated no claims were received initially, with the Applicant/Operational Creditor forming the COC as the sole claimant. The RP was informed of income tax dues and payments to an employee. The Corporate Debtor has liquidated debts to all three entities, leading the COC to decide to terminate the CIR proceedings. An affidavit from Mr. K. L. Baid, representing the COC, was submitted.

## Facts

The Applicant/Operational Creditor was the sole claimant and formed the COC. The Corporate Debtor liquidated debts towards all three entities. The COC decided to terminate the CIR proceedings. Mr. Surinder Yadav, an employee, settled his claim. The Corporate Debtor paid income tax dues of Rs. 35,46,000. The RP confirmed the correctness of the proceedings. The moratorium imposed under Section 14 of the Code was lifted. The expenses of the RP were met by the Corporate Debtor. The resolution passed by Simplex Infrastructure Ltd. to terminate CIR proceedings is on record.

## Issues and analysis

### Issue 1: Whether the CIR proceedings should be terminated given the settlement of all claims and liquidation …

**Ratio:** CIR proceedings can be terminated when all claims are settled and debts are liquidated,

…

**Reasoning:** The COC decided to terminate the CIR proceedings after the Corporate Debtor liquidated

…

**Interpretation:** The legal framework allows for the termination of CIR proceedings when the

…

**Application:** In this case, the Corporate Debtor's actions of settling all claims and

…

## Parties

- **Judges:** DeepaKr…; Ina Mal…
- **Respondents:** Simplex Infrastruc…; A.K. Pa…
- **Advocates:** A.K. Pa…

## Timeline

- **2018-01-22 — Employee Claim…**: Mr. Surinder Yadav's claim was settled, as evidenced by his letter dated January 22,…
- **2018-07-25 — Hearing…**: Hearing before the New Delhi Bench of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/agrante-infra-ltd-ib-167nd-2017-058ea031