# In the matter of Horizon Dwellings Private Limited IA No. 142-2020 in CP(IB)No. 290-ALD-2019

> NCLT judgment dated 2020-07-08. Citation: TCN-2020-NCLT-01056. 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-01056
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/horizon-dwellings-private-limited-ia-no-142-2020-in-cpibno-290-ald-2019-200b2ff9

## 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 filed the initial petition, and CIRP was initiated via an order dated 2020-06-10. Subsequently, the petitioner and the respondent (Corporate Debtor) entered into a settlement agreement. The Respondent (Corporate Debtor) filed Company Appeal (AT) (Insolvency) No. 567 of 2020 before the NCLAT, New Delhi, and the Tribunal granted liberty to approach the court for an appropriate order pursuant to the settlement agreement.

## Facts

Manoj Kumar Das filed a Company Petition (IB) 290/ALD/2019 under Section 9 of the IBC against Horizon Dwelling Pvt Ltd, leading to the initiation of CIRP via a court order dated 2020-06-10. Subsequently, Manoj Kumar Das and Horizon Dwelling Pvt Ltd entered into a settlement agreement on 2020-06-16, with Manoj Kumar Das paying Rs. 27,50,000. Horizon Dwelling Pvt Ltd filed Company Appeal (AT) (Insolvency) No. 567 of 2020 before the NCLAT, New Delhi, and was granted liberty to approach the court for an order pursuant to the settlement. The IRP submitted a progress report and opposed the termination of CIRP, arguing for the interests of all stakeholders. The CoC had not been constituted. The applicant relied on a previous NCLAT judgment in Company Appeal (AT) (Insolvency)

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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 a settlement had been effected before the constitution of

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**Interpretation:** The interpretation of the law is that the IBC allows for the termination of

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**Application:** In this specific case, the ratio and reasoning were applied to the facts that a

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## Parties

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

## Timeline

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

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