# In the matter of Glide Chem Pvt. Ltd. (IB)-230(ND)2019

> NCLT judgment dated 2019-05-21. Citation: TCN-2019-NCLT-03246. CA 636/2019 was filed by the Operational Creditor seeking termination of the Corporate…

- **Court:** NCLT
- **Order date:** 21 May 2019
- **Citation:** TCN-2019-NCLT-03246
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/glide-chem-pvt-ltd-ib-230nd2019-18784d87

## Summary

### Background

CA 636/2019 was filed by the Operational Creditor seeking termination of the Corporate Insolvency Resolution (CIR) process because the creditor's claim had been settled. The bench noted that no steps had been taken following the order dated 2019-05-14 admitting the resolution process, and no publication had been effected, resulting in no claims being collated.

## Facts

An Operational Creditor filed CA 636/2019 seeking the termination of the CIR process, stating that their claim had been settled. The court noted that no steps had been taken following the order dated 2019-05-14 admitting the resolution process, and no publication had been effected, meaning no claims had been collated. The submissions in the application were supported by an affidavit. The Corporate Debtor was M/s. Glide Chem Pvt. Ltd.

## Issues and analysis

### Issue 1: Whether the CIR process should be terminated given the settlement of the Operational Creditor's …

**Ratio:** When the basis for initiating the CIR process (the unpaid debt) is resolved through

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**Reasoning:** The court reasoned that since the Operational Creditor, who initiated the CIR process,

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**Interpretation:** This interprets the IBC to allow for the termination of CIR proceedings when

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**Application:** The settlement of the Operational Creditor's claim directly applied to the

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Respondents:** Glide Chem Pvt.…

## Timeline

- **2019-05-14 — Order admitting…**: Order was issued admitting the resolution…
- **2019-05-21 — Hearing…**: Hearing before the New Delhi Bench of…

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