# In the matter of Dascon Sourav Commercial Pvt. Ltd. CA(IB)No. 1180 & 1197-KB-2019 in CP(IB)No. 153-KB-2019

> NCLT judgment dated 2019-10-01. Citation: TCN-2019-NCLT-01133. The case involves Quippo Infrastructure Ltd. as the Operational Creditor and Dascon Sourav…

- **Court:** NCLT
- **Order date:** 1 Oct 2019
- **Citation:** TCN-2019-NCLT-01133
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dascon-sourav-commercial-pvt-ltd-caibno-1180-1197-kb-2019-in-cpibno-153-kb-2019-456f001d

## Summary

### Background

The case involves Quippo Infrastructure Ltd. as the Operational Creditor and Dascon Sourav Commercial Pvt. Ltd. as the Corporate Debtor. The matter was listed for hearing on October 1, 2019. The Operational Creditor and the Corporate Debtor jointly submitted that the matter was settled out of the Tribunal. The Operational Creditor filed CA(IB) No. 1197/KB/2019 under Rule 11 of the NCLT Rules, 2016 for withdrawal of the Corporate Petition (C.P.).

## Facts

Quippo Infrastructure Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Dascon Sourav Commercial Pvt. Ltd. The matter was listed for hearing on October 1, 2019. During the proceedings, both the Operational Creditor (Quippo Infrastructure Ltd.) and the Corporate Debtor (Dascon Sourav Commercial Pvt. Ltd.) jointly submitted to the National Company Law Tribunal (NCLT) that they had reached a settlement outside the tribunal. Consequently, the Operational Creditor filed an application (CA(IB) No. 1197/KB/2019) under Rule 11 of the NCLT Rules, 2016, seeking withdrawal of the Corporate Petition. The Interim Resolution Professional (IRP) confirmed that resolution costs and fees had been paid. The key fact is the out-of-court settlement leading to the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Petition is maintainable under Rule 11 of …

**Ratio:** Rule 11 of the NCLT Rules, 2016 allows for the withdrawal of a Corporate Petition under

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**Reasoning:** The court reasoned that since the matter was settled before the constitution of the

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**Interpretation:** Rule 11 of the NCLT Rules provides a mechanism for withdrawing a Corporate

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**Application:** In this case, the court applied Rule 11 by considering the joint submission of

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Respondents:** Dascon Sourav…

## Timeline

- **2019-10-01 — Hearing…**: The matter was listed for hearing…
- **2019-10-01 — Settlement Su…**: The Operational Creditor and the Corporate Debtor jointly submitted that the matter was…

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