# In the matter of Brajkon Organics Pvt. Ltd. I.A. No. 15 of 2020 in C.P. (IB) No. 38-GB-2019

> NCLT judgment dated 2020-03-04. Citation: TCN-2020-NCLT-01680. The case pertains to I.A. No. 15 of 2020 in C.P. (IB) No. 38/GB/2019, filed under Section 9 of…

- **Court:** NCLT
- **Order date:** 4 Mar 2020
- **Citation:** TCN-2020-NCLT-01680
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/brajkon-organics-pvt-ltd-ia-no-15-of-2020-in-cp-ib-no-38-gb-2019-5b292122

## Summary

### Background

The case pertains to I.A. No. 15 of 2020 in C.P. (IB) No. 38/GB/2019, filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. The application was filed for the withdrawal of the final admission order dated 30.01.2020 in C.P.38/2019, due to a settlement between the parties.

## Facts

M/s OM Logistics Ltd., the Operational Creditor, initiated insolvency proceedings against M/s Brajkon Organics Pvt. Ltd., the Corporate Debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016. An admission order was passed on 30.01.2020 in C.P.38/2019. Subsequently, a settlement was reached between the parties. M/s OM Logistics Ltd. submitted Form FA and paid the CIRP costs to the Interim Resolution Professional (IRP), Mr. Amit Pareek. Consequently, an application (I.A. No. 15 of 2020) was filed for the withdrawal of the admission order. The payment of CIRP costs and the submission of Form FA are key facts indicating the completion of the settlement process.

## Issues and analysis

### Issue 1: Whether the final admission order dated 30.01.2020 in C.P.38/2019 should be withdrawn in view of …

**Ratio:** A settlement between parties in an insolvency proceeding can be a valid ground for

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**Reasoning:** The court considered the submission of the IRP that a settlement had been reached, Form

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**Interpretation:** The interpretation of the Insolvency & Bankruptcy Code allows for the

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**Application:** In this case, the settlement between M/s OM Logistics Ltd. and M/s Brajkon

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## Parties

- **Judges:** Mr Hari Venkata…
- **Appellants:** M/s. Om Logistics…
- **Respondents:** M/s Brajkon…

## Timeline

- **2020-01-30 — Final Admissi…**: Final admission order…
- **2020-02-28 — CIRP Costs…**: Operational Creditor paid CIRP costs…

## 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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