# In the matter of Horizon Dwelling Pvt. Ltd. IA No. 142-2020 in CP NO. (IB) 290-ALD-2019

> NCLT judgment dated 2020-07-08. Citation: TCN-2020-NCLT-01058. The case involves an application (IA No. 142/2020) filed in connection with a Company Petition…

- **Court:** NCLT
- **Order date:** 8 Jul 2020
- **Citation:** TCN-2020-NCLT-01058
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/horizon-dwelling-pvt-ltd-ia-no-142-2020-in-cp-no-ib-290-ald-2019-e8f2f2ea

## Summary

### Background

The case involves an application (IA No. 142/2020) filed in connection with a Company Petition (CP No. (IB) 290/ALD/2019) under Section 9 of the IBC. The application seeks withdrawal of the Corporate Insolvency Resolution Process (CIRP) initiated against Horizon Dwelling Pvt Ltd. The petitioner, Manoj Kumar Das, had initially filed the company petition, which was admitted by the court on 2020-06-10. Subsequently, the applicant and the respondent (Corporate Debtor) entered into a settlement agreement.

## Facts

Manoj Kumar Das filed a Company Petition (IB) 290/ALD/2019 against Horizon Dwelling Pvt Ltd under Section 9 of the IBC, which was admitted on 2020-06-10, initiating the Corporate Insolvency Resolution Process (CIRP). The IRP published a paper announcement inviting creditors. Subsequently, Manoj Kumar Das and Horizon Dwelling Pvt Ltd entered into a settlement agreement where Manoj Kumar Das paid Rs. 27,50,000. Horizon Dwelling Pvt Ltd filed Company Appeal (AT) (Insolvency) No. 567 of 2020 before the NCLAT, seeking permission to approach the NCLT for an order pursuant to the settlement. The IRP submitted a progress report but had not yet constituted a CoC. The applicant sought withdrawal of the CIRP based on the settlement. The relevance of the settlement is that it

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) initiated against Horizon Dwelling Pvt …

**Ratio:** The legal principle applied is that a CIRP can be terminated if a settlement is reached

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**Reasoning:** The court reasoned that since the settlement was effected before the constitution of the

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**Interpretation:** The interpretation is that the IBC allows for the termination of CIRP if a

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where a

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Manoj Kum…
- **Respondents:** Horizon Dwelling…

## Timeline

- **2019-01-01 — CP Filed…**: Company Petition (IB) 290/ALD/2019 filed by Manoj Kumar Das against Horizon Dwelling Pvt…
- **2020-06-10 — Application…**: Court allowed the application for initiation of Corporate Insolvency Resolution Process…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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