# In the matter of AL-Nafees Proteins Pvt. Ltd.
(IB)-1567(ND)2019

> NCLT judgment dated 2019-10-31. Citation: TCN-2019-NCLT-00771. CA-1411/19 was filed by the petitioner seeking withdrawal of the CIR proceedings. The CIR…

- **Court:** NCLT
- **Order date:** 31 Oct 2019
- **Citation:** TCN-2019-NCLT-00771
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/al-nafees-proteins-pvt-ltd-ib-1567nd2019-af574ed1

## Summary

### Background

CA-1411/19 was filed by the petitioner seeking withdrawal of the CIR proceedings. The CIR process was initiated on 2019-10-16. The IRP invited claims through publications in 'Financial Express' and 'Jansatta' on 2019-10-19. No claims were received against the Corporate Debtor by the last date of publication, 2019-10-30, and no CoC was formed.

## Facts

The petitioner filed CA-1411/19 seeking withdrawal of the Corporate Insolvency Resolution (CIR) proceedings. The CIR process was initiated on 2019-10-16. The IRP published invitations for claims in 'Financial Express' and 'Jansatta' on 2019-10-19. The last date for submitting claims was 2019-10-30. No claims were received against the Corporate Debtor by this date, and consequently, no Committee of Creditors (CoC) was formed. The IRP confirmed this in court. The petitioner's claim has been fully settled. The court considered the directions of the Hon'ble Apex Court in Swiss Ribbon Pvt. Ltd. Vs. Union of India, WP(Civil) No. 99/2018, which allows for termination of CIR process when a compromise is reached before the CoC is formed. This is relevant because it provides the

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## Issues and analysis

### Issue 1: Whether the CIR process can be terminated based on a compromise between the parties before the …

**Ratio:** The Hon'ble Apex Court in Swiss Ribbon Pvt. Ltd. Vs. Union of India, WP(Civil) No.

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**Reasoning:** The court relied on the precedent set by the Hon'ble Apex Court, which allows for the

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**Interpretation:** This interpretation of the law allows for flexibility in the CIR process,

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**Application:** In this case, the court applied the ratio from Swiss Ribbon to the facts at

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## Parties

- **Judges:** L. N. G…; Ina Mal…
- **Appellants:** M/s. Brij Mohan…
- **Respondents:** Proteins Pv…; M/s. AL-N…

## Timeline

- **2019-10-16 — CIR Process I…**: The Corporate Insolvency Resolution…
- **2019-10-19 — Publication of…**: The IRP published invitations for claims…

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