# In the matter of Fourth Dimension Solutions Ltd. (IB)-29(ND)2019

> NCLT judgment dated 2019-04-26. Citation: TCN-2019-NCLT-03667. The petition was admitted on April 2, 2019. Within two days of admission, the parties submitted…

- **Court:** NCLT
- **Order date:** 26 Apr 2019
- **Citation:** TCN-2019-NCLT-03667
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fourth-dimension-solutions-ltd-ib-29nd2019-00b8485c

## Summary

### Background

The petition was admitted on April 2, 2019. Within two days of admission, the parties submitted that they had entered into a compromise. No publication had been effected, and no Committee of Creditors (COC) had been constituted.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against ICAP IL India Pvt. Ltd. The petition was admitted on April 2, 2019. However, within two days of the admission, the parties reached a compromise. No public announcement was made, and no Committee of Creditors (COC) was formed. The Operational Creditor submitted an affidavit confirming that their claims had been settled in full and final satisfaction. The parties jointly requested the termination of the CIRP. The court considered the settlement and the stage of the CIRP, where no COC had been formed, and the expenses of the IRP had been reimbursed.

## Issues and analysis

### Issue 1: Whether the CIR process can be terminated based on a compromise between the parties before the …

**Ratio:** The Hon'ble Apex Court in 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India &

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**Reasoning:** The court reasoned that since the parties had reached a compromise and no COC had been

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**Interpretation:** This interprets the Insolvency and Bankruptcy Code (IBC) to allow for

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**Application:** In this case, the parties reached a compromise within two days of the admission

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Respondents:** ICAP IL India…
- **Advocates:** Rishi Kumar…; Sidharth…

## Timeline

- **2019-04-02 — Petition Ad…**: The petition was…
- **2019-04-04 — Compromise…**: The parties submitted that they had entered into a compromise within two days of…

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