# In the matter of Enriched Restaurant Ltd.(IB)-474(ND)2019

> NCLT judgment dated 2019-05-06. Citation: TCN-2019-NCLT-03457. CA 578/2019 is a joint application praying for the termination of the Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 6 May 2019
- **Citation:** TCN-2019-NCLT-03457
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/enriched-restaurant-ltdib-474nd2019-94da68ca

## Summary

### Background

CA 578/2019 is a joint application praying for the termination of the Corporate Insolvency Resolution (CIR) process. The CIR process was initiated by an order dated April 23, 2019. The Interim Resolution Professional (IRP) confirmed that no Committee of Creditors (COC) had been constituted. The decision relies on the Hon'ble Apex Court's decision in 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018.

## Facts

A joint application was filed to terminate the CIR process initiated by an order dated April 23, 2019. The IRP confirmed that no COC had been constituted. Mr. Ashok Kumar Juneja, Advocate, raised objections regarding unpaid professional fees and a dishonored cheque. Steps were taken to transfer the amount to the Bank account of the Ld. Counsel through NEFT. Ld. Counsel confirmed receipt of the amount under the dishonoured instrument. The amount under the dishonoured cheque has been duly paid to him.

## Issues and analysis

### Issue 1: Whether the CIR process should be terminated given that no COC has been constituted and a joint …

**Ratio:** The court relied on the decision of the Hon'ble Apex Court in 'Swiss Ribbons Pvt. Ltd.

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**Reasoning:** The court reasoned that since no COC had been constituted and a joint application for

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**Interpretation:** The interpretation is that if no COC is formed and parties agree to terminate

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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:** V.K. SUB…; Ina Mal…
- **Respondents:** M/s. Enriched…; M/s. Idea Estates…

## Timeline

- **2019-04-23 — CIR Process In…**: The CIR process was set into motion…
- **2019-05-06 — Hearing…**: Hearing before the New Delhi Bench of…

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