# In the matter of B M Advertising Pvt. Ltd. CA(IB)No. 1528-KB-2019 in CP (IB) No. 223-KB-2018

> NCLT judgment dated 2019-11-18. Citation: TCN-2019-NCLT-00574. The case involves an application (CA(IB) No. 1528/KB/2019) filed by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 18 Nov 2019
- **Citation:** TCN-2019-NCLT-00574
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/b-m-advertising-pvt-ltd-caibno-1528-kb-2019-in-cp-ib-no-223-kb-2018-091f5b30

## Summary

### Background

The case involves an application (CA(IB) No. 1528/KB/2019) filed by the Interim Resolution Professional (IRP) to record the settlement of a Corporate Insolvency Resolution Process (CIRP) matter. The Operational Creditor sought to withdraw the Corporate Insolvency Petition (CP) because the matter had been settled outside the Tribunal. The CP was admitted on 2019-10-16, but the Committee of Creditors (CoC) was not formed because no claims were received following a public announcement.

## Facts

Rammaica India Ltd is the company involved in the case. An application CA(IB) No. 1528/KB/2019 was filed by the IRP to record the settlement of the matter. The Operational Creditor sought to withdraw the CP because the matter was settled outside the Tribunal. The CP was admitted on 2019-10-16, but the CoC was not formed because no claims were received following a public announcement. The IRP's fees and costs have been discharged. The application was filed under Section 9 of the IBC.

## Issues and analysis

### Issue 1: Whether the Tribunal should allow the application filed by the IRP to record the settlement of the …

**Ratio:** The Tribunal has the power to allow the withdrawal of a Corporate Insolvency Petition

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**Reasoning:** The Tribunal reasoned that since the matter was settled outside the Tribunal, no CoC was

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**Interpretation:** This implies that the Tribunal prioritizes settlement between parties,

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Respondents:** Rammaica In…; B.M Advertising…

## Timeline

- **2019-10-16 — CP Admis…**: The Corporate Insolvency Petition…
- **2019-11-18 — Hearing…**: Hearing on the application…

## 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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