# In the matter of EMU Lines Private Limited (IB)-1489(ND)2019

> NCLT judgment dated 2019-10-18. Citation: TCN-2019-NCLT-00923. The case involves a Corporate Insolvency Resolution (CIR) process initiated against EMU Lines…

- **Court:** NCLT
- **Order date:** 18 Oct 2019
- **Citation:** TCN-2019-NCLT-00923
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/emu-lines-private-limited-ib-1489nd2019-6a80a7be

## Summary

### Background

The case involves a Corporate Insolvency Resolution (CIR) process initiated against EMU Lines Private Limited. A joint application was filed by the parties involved, seeking the termination of the CIR process. The matter was brought to the attention of the members of the National Company Law Tribunal (NCLT), who had previously admitted the CIR process.

## Facts

Mr. Vishal Kaushik initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. EMU Lines Private Limited under Section 9 of the IBC Code, 2016. A joint application was filed by the parties to terminate the CIRP. The petitioner's claim was settled in full with a demand draft of Rs. 69,634 tendered on October 16, 2019, and accepted by the Operational Creditor. The petitioner expressed no further interest in pursuing the CIRP. The Interim Resolution Professional (IRP), Mr. Ashok Kriplani, had not taken any steps, and no Committee of Creditors (COC) was constituted. The NCLT considered the application, noting the settlement and lack of progress in the CIRP. The NCLT allowed the prayer of the applicant and terminated the CIRP, releasing the Corporate Debtor from

…

## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) against M/s. EMU Lines Private Limited …

**Ratio:** The termination of the CIRP is permissible when the parties have reached a settlement,

…

**Reasoning:** The court reasoned that the petitioner's claim had been fully settled, and the petitioner

…

**Interpretation:** The legal issue involves the interpretation of the Insolvency and Bankruptcy

…

**Application:** In this specific case, the petitioner's claim was settled, and the petitioner

…

## Parties

- **Judges:** SUMITA PURK…; Ina Mal…; +1 more
- **Appellants:** Vishal Ka…
- **Respondents:** M/s. EMU Lines…; Siddharth K…

## Timeline

- **2019-10-15 — Settlement o…**: The claim of the…
- **2019-10-16 — Demand Draft…**: A Demand Draft of Rs. 69,634 was tendered…

---

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/emu-lines-private-limited-ib-1489nd2019-6a80a7be