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

> NCLT judgment dated 2019-04-29. Citation: TCN-2019-NCLT-03642. 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-03642
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alam-industries-india-ltd-cp-1079-ib-2018-a4afa31f

## 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.

## Facts

The CIRP was initiated against Alam Industries India Ltd. on April 1, 2019, and a moratorium was declared. An IRP was appointed. Subsequently, the applicant (Gagan Bothra) and the corporate debtor (Alam Industries India Ltd.) reached a settlement. The Resolution Professional filed a report on April 22, 2019, reflecting this settlement. The Resolution Professional had not made any public announcement. The remuneration of the Resolution Professional was paid. Based on the settlement, a request was made to recall the order initiating the CIRP. The court then recalled the order dated April 1, 2019, lifted the moratorium, relieved the IRP, and allowed the corporate debtor to resume normal business. The CP was allowed to be withdrawn and dismissed.

## Issues and analysis

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

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

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**Reasoning:** The court considered the report filed by the Resolution Professional, which indicated

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**Interpretation:** The legal principle is that courts can consider settlements between parties in

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**Application:** In this case, the court applied the principle by acknowledging the settlement

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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…
- **2019-04-01 — Moratorium D…**: A moratorium was declared as…

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