# In the matter of Alam Industries India Ltd. CP-1079-IB-2018

> NCLT judgment dated 2019-04-29. Citation: TCN-2019-NCLT-03646. The matter pertains to CP/1079/IB/2018, where the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 29 Apr 2019
- **Citation:** TCN-2019-NCLT-03646
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alam-industries-india-ltd-cp-1079-ib-2018-1afad63d

## Summary

### Background

The matter pertains to CP/1079/IB/2018, where the Corporate Insolvency Resolution Process (CIRP) was initiated on April 1, 2019, a moratorium was declared, and an Interim Resolution Professional (IRP) was appointed. The applicant and the corporate debtor have settled the matter, as reflected in the report filed by the Resolution Professional on April 22, 2019. The Resolution Professional has not made any public announcement, and their remuneration has been paid.

## Facts

The CIRP was initiated against Alam Industries India Ltd. on April 1, 2019, due to an application filed under CP/1079/IB/2018. A moratorium was declared, and an IRP was appointed. However, the applicant and Alam Industries India Ltd. subsequently settled the matter. The Resolution Professional filed a report on April 22, 2019, reflecting this settlement. Importantly, the Resolution Professional had not made any public announcement regarding the CIRP. The Resolution Professional's remuneration was also paid. Based on the settlement, a request was made to recall the order initiating the CIRP.

## Issues and analysis

### Issue 1: Whether the settlement between the applicant and the corporate debtor warrants the recall of the …

**Ratio:** A settlement between the parties involved in a CIRP can be a valid ground for recalling

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**Reasoning:** The court reasoned that the settlement between the applicant and the corporate debtor, as

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**Interpretation:** The interpretation is that the court is willing to allow settlements between

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**Application:** In this case, the settlement between the applicant and Alam Industries India

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Appellants:** Gagan B…
- **Respondents:** ALAM INDUSTRIES…

## Timeline

- **2019-04-01 — CIRP Init…**: CIRP initiated against Alam Industries India…
- **2019-04-22 — Resolution Professional…**: Resolution Professional filed a report indicating a settlement between the applicant and…

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