# In the matter of Asian Soles Pvt. Ltd. (IB)-1141(ND)2018

> NCLT judgment dated 2019-02-12. Citation: TCN-2019-NCLT-04902. The case involves an application (CA-171/2019) filed by the Resolution Professional (RP) to…

- **Court:** NCLT
- **Order date:** 12 Feb 2019
- **Citation:** TCN-2019-NCLT-04902
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/asian-soles-pvt-ltd-ib-1141nd2018-09400955

## Summary

### Background

The case involves an application (CA-171/2019) filed by the Resolution Professional (RP) to bring on record a resolution passed by the Committee of Creditors (CoC) in its second meeting held on February 5, 2019. The sole member of the CoC is Canara Bank, which decided to terminate the Corporate Insolvency Resolution (CIR) process. The resolution was passed with a 100% voting share and is annexed to the application.

## Facts

The Resolution Professional filed CA-171/2019 to record the resolution passed by the CoC in its 2nd meeting on February 5, 2019. Canara Bank, the sole member of the CoC, decided to terminate the CIR process with a 100% voting share. The RP's application was supported by an affidavit. The CoC's decision is the central fact, leading to the termination of the CIR process.

## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional to record the CoC's resolution for …

**Ratio:** The decision of the Committee of Creditors (CoC) holds significant weight in the

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**Reasoning:** The court reasoned that the CoC, being the sole member (Canara Bank), had decided to

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**Interpretation:** The interpretation is that the court acknowledges the CoC's authority in making

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**Application:** In this specific case, the CoC's decision to terminate the CIR process,

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Respondents:** Uttam Polyrubs…; Rajesh B…

## Timeline

- **2019-02-05 — CoC Meet…**: The Committee of Creditors (CoC) held its 2nd meeting and passed a resolution to…
- **2019-02-12 — Hearing…**: Hearing before the New Delhi Bench of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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