# In the matter of Calcom Cement India Ltd. I.A. No. 14-2020 in C.P. (IB) No. 35-GB-2019

> NCLT judgment dated 2020-02-06. Citation: TCN-2020-NCLT-02063. The case involves an application (I.A.No.14/2020) filed in connection with a Corporate…

- **Court:** NCLT
- **Order date:** 6 Feb 2020
- **Citation:** TCN-2020-NCLT-02063
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/calcom-cement-india-ltd-ia-no-14-2020-in-cp-ib-no-35-gb-2019-d8cd6007

## Summary

### Background

The case involves an application (I.A.No.14/2020) filed in connection with a Corporate Insolvency Resolution Process (CIRP) under C.P.(IB)No.35/GB/2019. An admission order was previously passed on 2020-01-29, admitting a company petition and appointing an Interim Resolution Professional (IRP). The IRP subsequently filed I.A.14/2020 seeking withdrawal of the admission order.

## Facts

An insolvency petition was filed against Calcom Cement India Ltd., leading to an admission order on 2020-01-29, and the appointment of Dilip Kumar Niranjan as the Interim Resolution Professional (IRP). Subsequently, the IRP filed I.A.14/2020 seeking withdrawal of the admission order. This request was prompted by an amicable settlement reached between the parties after the admission order. The Resolution Professional (RP) submitted that an application dated 2020-02-05 was received under Form FA Regulation 30A of the CIRP Regulations, informing the settlement. The Tribunal considered these facts and circumstances before deciding to withdraw the admission order. The key fact is the settlement between the parties, which led to the withdrawal application and the subsequent

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## Issues and analysis

### Issue 1: Whether the I.A.14/2020 seeking withdrawal of the admission order dated 2020-01-29 should be …

**Ratio:** The legal principle applied is that a settlement between parties in a CIRP can be a valid

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**Reasoning:** The Tribunal reasoned that, in light of the settlement entered into between the parties

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**Interpretation:** The interpretation is that the CIRP framework allows for the withdrawal of

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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:** Hari Venkata…
- **Appellants:** Dilip Kumar…
- **Respondents:** Calcom Cement…

## Timeline

- **2020-01-29 — Admission…**: Tribunal passed an order…
- **2020-02-05 — Settlement App…**: RP received application under Form FA Regulation 30A of the CIRP Regulations, informing…

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