# 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-01958. M/s.Global Infonet Distribution Private Limited filed C.P.(IB)No.207/BB/2018 under Section 9 of…

- **Court:** NCLT
- **Order date:** 14 Aug 2019
- **Citation:** TCN-2019-NCLT-01958
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ikyam-solutions-private-limited-cpibno-207-bb-2018-5b6ad5a3

## Summary

### Background

M/s.Global Infonet Distribution Private Limited 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, alleging a default of Rs. 10,01,117/- along with interest @ 24% per annum, outstanding and payable as per agreed terms from 31.12.2017. The case was initially rejected by the Adjudicating Authority on 17.12.2018, but was later filed before the NCLAT, which set aside the rejection and remitted the case back to the Adjudicating Authority.

## Facts

M/s.Global Infonet Distribution Private Limited, the operational creditor, filed an application under Section 9 of the IBC, 2016, to initiate CIRP against M/s.Ikyam Solutions Private Limited, the corporate debtor. The operational creditor claimed a default of Rs. 10,01,117/- along with 24% interest per annum. The parties subsequently settled the matter amicably during the proceedings. The Petitioner then sought to withdraw the instant proceedings. The case was initially rejected by the Adjudicating Authority, but this decision was overturned by the NCLAT, which remitted the case back to the Adjudicating Authority. The learned Counsel for the Petitioner filed a Memo For Withdrawal dated 14.08.2019.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should permit the Petitioner to withdraw the Company Petition, …

**Ratio:** When parties have settled the issues between themselves and the case is not yet admitted

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**Reasoning:** The Adjudicating Authority noted that the parties had settled the issues between

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**Interpretation:** This case interprets the power of the Adjudicating Authority to allow

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**Application:** Since the parties had settled the matter and the case was not admitted, the

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## Parties

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

## Timeline

- **2017-12-31 — Default…**: The Corporate Debtor defaulted on…
- **2018-01-01 — Initiation…**: M/s.Global Infonet Distribution Private Limited filed C.P.(IB)No.207/BB/2018 under…

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