# In the matter of Bhoruka Power Corporation Ltd. C.P. (IB)No. 279-BB-2019

> NCLT judgment dated 2021-03-19. Citation: TCN-2021-NCLT-02634. M/s. Intralinks, Inc. filed C.P.(IB)No.279/BB/2019 under Section 9 of the IBC, 2016, seeking to…

- **Court:** NCLT
- **Order date:** 19 Mar 2021
- **Citation:** TCN-2021-NCLT-02634
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhoruka-power-corporation-ltd-cp-ibno-279-bb-2019-d571bfa7

## Summary

### Background

M/s. Intralinks, Inc. filed C.P.(IB)No.279/BB/2019 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Bhoruka Power Corporation Limited, alleging default on an operational debt. The case was listed on multiple dates, and subsequently, the parties arrived at a settlement.

## Facts

M/s. Intralinks, Inc. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Bhoruka Power Corporation Limited (Corporate Debtor) due to a default of operational debt amounting to USD 55,248.48 (Rs.38,23,940). The case was listed on various dates between July 2019 and February 2021. Subsequently, the parties arrived at a settlement, executing a Compromise Agreement dated 03.02.2021. As part of the settlement, the Operational Creditor received a payment of USD 16,000. A Joint Memo for withdrawal was filed on 11.03.2021.

## Issues and analysis

### Issue 1: Whether the Operational Creditor, Intralinks, Inc., can withdraw the application filed under …

**Ratio:** The legal principle applied is that a petition under Section 9 of the IBC can be

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**Reasoning:** The court reasoned that since the parties had arrived at a settlement, as evidenced by

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**Interpretation:** This interpretation allows for the resolution of insolvency proceedings through

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**Application:** In this case, the court applied the principle by allowing Intralinks, Inc. to

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Intralinks…
- **Respondents:** Bhoruka Power…

## Timeline

- **2019-01-01 — Filing of C.P.(IB)No.279…**: M/s. Intralinks, Inc. filed C.P.(IB)No.279/BB/2019 under Section 9 of the IBC, 2016,…
- **2019-07-04 — Case Lis…**: The case was listed on…

## 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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