# In the matter of EBC Bearing (India) Ltd. IA (IBC) No. 267 & 268-2021 in CP (IB) No. 149-7-HDB-2020

> NCLT judgment dated 2021-06-23. Citation: TCN-2021-NCLT-01924. The case involves IA (IBC) No. 267 & 268/2021 in CP (IB) No. 149/7/HDB/2020 before the National…

- **Court:** NCLT
- **Order date:** 23 Jun 2021
- **Citation:** TCN-2021-NCLT-01924
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ebc-bearing-india-ltd-ia-ibc-no-267-268-2021-in-cp-ib-no-149-7-hdb-2020-f6dac269

## Summary

### Background

The case involves IA (IBC) No. 267 & 268/2021 in CP (IB) No. 149/7/HDB/2020 before the National Company Law Tribunal, Hyderabad. IA 268/2021 was filed by the IRP for disposal of the main CP based on a settlement between the Financial Creditor and the Corporate Debtor. The COC was not constituted because the parties settled the dispute using inherent jurisdiction under Rule 11 of NCLT Rules, 2016.

## Facts

The key facts are as follows: IA (IBC) No. 267 & 268/2021 were filed in CP (IB) No. 149/7/HDB/2020. The Corporate Debtor is EBC Bearing (India) Pvt Ltd. The Financial Creditor is Info Tech Infin and Trading Pvt Ltd. The IRP filed IA 268/2021 for disposal of the main CP due to a settlement between the Financial Creditor and the Corporate Debtor. The COC was not constituted. The parties used inherent jurisdiction under Rule 11 of NCLT Rules, 2016, to settle the dispute. The relevance of these facts lies in demonstrating the procedural steps taken to settle the insolvency proceedings before the constitution of the COC, leading to the disposal of the main CP and the release of the Corporate Debtor from CIRP.

## Issues and analysis

### Issue 1: Whether IA 267/2021 should …

**Ratio:** The court has the discretion to allow and dispose of interlocutory applications for

…

**Reasoning:** The court found the application

…

**Interpretation:** This issue concerns the procedural aspect of urgent listing of applications

…

**Application:** The court applied its discretion to allow and dispose of IA 267/2021,

…

## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** Info Tech Infin…
- **Respondents:** EBC Bearing…

## Timeline

- **2021-06-23 — Hearing…**: Hearing held on…
- **2021-01-01 — CP (IB)…**: CP (IB) No. 149/7/HDB/20…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/ebc-bearing-india-ltd-ia-ibc-no-267-268-2021-in-cp-ib-no-149-7-hdb-2020-f6dac269