# In the matter of Aiyan Marketing Pvt Ltd CP-667-(IB)-2017

> NCLT judgment dated 2018-02-09. Citation: TCN-2018-NCLT-01859. The case involves an application under the Insolvency and Bankruptcy Code (IBC). After an order…

- **Court:** NCLT
- **Order date:** 9 Feb 2018
- **Citation:** TCN-2018-NCLT-01859
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aiyan-marketing-pvt-ltd-cp-667-ib-2017-ccc2d81d

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). After an order was passed on 2018-01-04, a direction was given to the Registry to refer a name to IBBI for the appointment of an Interim Resolution Professional (IRP). The IRP was appointed on 2018-01-12, based on IBBI's recommendation. However, the Operational Creditor did not make the payment for the public announcement to be made by the IRP. The IRP communicated with the Operational Creditor, but received no response. The IRP also tried to locate the Operational Creditor and Corporate Debtor's registered office but was unsuccessful.

## Facts

An application was filed under the IBC. The court directed the registry to refer a name to IBBI for the appointment of an IRP after passing an order on 2018-01-04. The IRP was appointed on 2018-01-12, based on IBBI's recommendation. The Operational Creditor did not make payment for the public announcement. The IRP communicated with the Operational Creditor but received no response and could not locate the Operational Creditor or Corporate Debtor's registered office. The Operational Creditor received Rs. 1,60,000 on 2018-02-08, which was considered full and final payment by the Corporate Debtor. The total outstanding claim against the Corporate Debtor was Rs. 1,75,698. The Operational Creditor had received a Demand Draft No. 422931 dated 2018-02-06 for a sum. The

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## Issues and analysis

### Issue 1: Whether the application should be allowed to be withdrawn given that the Operational Creditor has …

**Ratio:** An application can be withdrawn if the underlying debt has been settled and continuing

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**Reasoning:** The court reasoned that since the Operational Creditor had received the claim from the

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**Interpretation:** This interprets the IBC to allow for withdrawal of applications when the debt

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**Application:** The court applied this principle by allowing the Operational Creditor to

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** HANDMAN SERVICES…
- **Respondents:** AIYAN MARKETING…

## Timeline

- **2018-01-04 — Order Da…**: An order was passed directing the Registry to make a reference to IBBI to recommend the…
- **2018-01-12 — IRP Appoi…**: The IRP was appointed based…

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