# In the matter of Ikyam Solutions Private Limited C.P.(IB)No. 207-BB-2018

> NCLT judgment dated 2019-08-14. Citation: TCN-2019-NCLT-01953. M/s. Global Infonet Distribution Private Limited, the Operational Creditor, filed…

- **Court:** NCLT
- **Order date:** 14 Aug 2019
- **Citation:** TCN-2019-NCLT-01953
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ikyam-solutions-private-limited-cpibno-207-bb-2018-1af3d1c8

## Summary

### Background

M/s. Global Infonet Distribution Private Limited, the Operational Creditor, filed C.P.(IB)No.207/BB/2018 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Ikyam Solutions Private Limited, the Corporate Debtor, due to a default of Rs. 10,01,117/- along with interest @ 24% per annum, outstanding and payable as per agreed terms effective from 31.12.2017. The case was initially rejected but was later set aside and remitted back by the NCLAT.

## Facts

M/s. Global Infonet Distribution Private Limited (Operational Creditor) filed a petition under Section 9 of the IBC, 2016, against M/s. Ikyam Solutions Private Limited (Corporate Debtor) due to a default of Rs. 10,01,117/- with 24% interest, as per agreed terms from 31.12.2017. The case was initially rejected but later reinstated by NCLAT. During the proceedings, the parties settled the matter amicably, leading the Petitioner to file a Memo for Withdrawal. The key fact is the settlement between the parties, which led to the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should permit the withdrawal of the Company Petition based on …

**Ratio:** The Adjudicating Authority has the discretion to permit the withdrawal of a Company

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**Reasoning:** The Adjudicating Authority reasoned that since the parties have settled the issues and

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**Interpretation:** This interpretation allows for the resolution of disputes outside of the formal

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**Application:** In this case, the Adjudicating Authority applied the ratio by permitting the

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s.Global…
- **Respondents:** M/s.Ikyam…

## Timeline

- **2017-12-31 — Effective Date of…**: The agreed terms for the debt between the Operational Creditor and Corporate Debtor…
- **2018-01-01 — Default…**: Corporate Debtor defaulted on payment of…

## 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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