# In the matter of Impex Ferro Tech LImited C.P. (IB)-2165(KB)2019

> NCLT judgment dated 2021-09-07. Citation: TCN-2021-NCLT-01163. The case involves an application under the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 7 Sept 2021
- **Citation:** TCN-2021-NCLT-01163
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/impex-ferro-tech-limited-cp-ib-2165kb2019-4b3da464

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). The Operational Creditor and Corporate Debtor are G4S Secure Solution [India] Private Limited and Impex Ferro Tech Limited, respectively. The matter was listed before the National Company Law Tribunal (NCLT), Kolkata Bench.

## Facts

The Operational Creditor, G4S Secure Solution [India] Private Limited, initiated a Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Impex Ferro Tech Limited, by filing CP (IB) 2165 (KB) 2019 under Section 9 of the IBC. During the hearing on September 7, 2021, the counsel for the Operational Creditor informed the court that the matter had been settled out of court. Based on this submission, the NCLT dismissed the CIRP application as withdrawn.

## Issues and analysis

### Issue 1: Whether the NCLT was justified in dismissing the CIRP application based on the submission that the …

**Ratio:** The NCLT has the power to dismiss an application if the parties have settled the matter

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**Reasoning:** The court accepted the submission of the Operational Creditor's counsel that the matter

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**Interpretation:** The interpretation of the IBC allows for the dismissal of CIRP applications

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**Application:** In this case, the counsel for the Operational Creditor submitted that the

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Impex Ferro Tech…

## Timeline

- **2019-01-01 — Filing of CP (IB) 2165…**: CP (IB) 2165 (KB) 2019 was filed…
- **2021-09-07 — Hearing and…**: The NCLT heard the matter and dismissed CP (IB) 2165 (KB) 2019 as withdrawn based on the…

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