# In the matter of ICICLES HVAC Exports Private Limited IBA-21-KOB-2020

> NCLT judgment dated 2020-12-03. Citation: TCN-2020-NCLT-00168. The case involves an insolvency application filed by Antony Joseph, Proprietor of En Tech ADP,…

- **Court:** NCLT
- **Order date:** 3 Dec 2020
- **Citation:** TCN-2020-NCLT-00168
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/icicles-hvac-exports-private-limited-iba-21-kob-2020-03d6ca9c

## Summary

### Background

The case involves an insolvency application filed by Antony Joseph, Proprietor of En Tech ADP, against M/s ICICLES HVAC Experts Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor claimed an amount of Rs. 6,68,134/- for the supply of aluminum powder coated grills and allied products, for which 10 invoices were raised. Despite reminders, the corporate debtor failed to make payment. The corporate debtor entered appearance and filed a counter affidavit opposing the application. The Tribunal admitted the application and declared a moratorium. An Interim Resolution Professional was appointed.

## Facts

Antony Joseph, operating as En Tech ADP, filed an insolvency application against M/s ICICLES HVAC Experts Private Limited, claiming Rs. 6,68,134/- for supplied goods. Ten invoices were raised, but payment was not made despite reminders. A Form 3 notice was sent to the Corporate Debtor on September 5, 2019, and received on September 6, 2019, but no response was received. The default occurred on May 13, 2018, when the first invoice was raised. The Corporate Debtor filed a counter affidavit. The Tribunal admitted the application on November 23, 2020, and declared a moratorium. Dileep KP was appointed as the Interim Resolution Professional. Subsequently, a settlement was reached for Rs. 9,86,136/-, and MA No.188/KOB/2020 was filed for withdrawal of the application. The

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## Issues and analysis

### Issue 1: Whether the insolvency application IBA/21/KOB/2020 should be disposed of as withdrawn, considering …

**Ratio:** The principle is that if parties reach a settlement and the applicant seeks withdrawal of

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**Reasoning:** The Tribunal considered the fact that MA No.188/KOB/2020 was filed by the applicant for

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**Interpretation:** This reflects the interpretation that the Insolvency and Bankruptcy Code allows

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**Application:** In this case, the settlement was reached, and the applicant sought withdrawal.

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## Parties

- **Judges:** Ashok Kumar…
- **Appellants:** Antony J…
- **Respondents:** M/s ICICLES HVAC…
- **Advocates:** Vishnu H…; Sojan J…

## Timeline

- **2018-05-13 — Default in…**: The default in payment occurred when the first invoice was raised towards the supply of…
- **2019-09-05 — Form 3 Noti…**: Form 3 notice was sent…

## 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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