# In the matter of Compare Infobase Limited IB-1004-ND-2019

> NCLT judgment dated 2019-12-10. Citation: TCN-2019-NCLT-00263. The case pertains to C.P. (IB No.1004/ND/2019) which was admitted on November 27, 2019,…

- **Court:** NCLT
- **Order date:** 10 Dec 2019
- **Citation:** TCN-2019-NCLT-00263
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/compare-infobase-limited-ib-1004-nd-2019-e2163332

## Summary

### Background

The case pertains to C.P. (IB No.1004/ND/2019) which was admitted on November 27, 2019, initiating the Corporate Insolvency Resolution Process (CIRP) against M/s. Compare Infobase Limited. However, the Operational Creditor and Corporate Debtor entered into a settlement on November 30, 2019. The Resolution Professional (RP) filed an application based on the Deed of Settlement between the parties.

## Facts

On November 27, 2019, C.P. (IB No.1004/ND/2019) was admitted, initiating CIRP against M/s. Compare Infobase Limited. However, on November 30, 2019, the Operational Creditor and the Corporate Debtor entered into a settlement. The Resolution Professional, Navneet Arora, filed an application based on the Deed of Settlement. The RP stated that no public announcement was made as the matter was settled between the parties. The order dated November 27, 2019, was recalled, and the moratorium was ceased. The IRP was relieved, and Compare Infobase Limited was freed from the CIRP.

## Issues and analysis

### Issue 1: Whether the settlement between the Operational Creditor and the Corporate Debtor warrants the …

**Ratio:** The legal principle applied here is that if parties involved in a CIRP reach a

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**Reasoning:** The court reasoned that since the Operational Creditor and Corporate Debtor had reached a

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**Interpretation:** This issue involves the interpretation of the Insolvency and Bankruptcy Code

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**Application:** In this specific case, the settlement between the Operational Creditor and

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## Parties

- **Judges:** Ch. Mohd Sharief…; K.K. V…
- **Appellants:** Sange…
- **Respondents:** Compare Infobase…

## Timeline

- **2019-11-27 — CIRP Init…**: C.P. (IB No.1004/ND/2019) was admitted, initiating CIRP against M/s. Compare Infobase…
- **2019-11-30 — Settlement Ag…**: The Operational Creditor and Corporate…

## 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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