# In the matter fo Aim Laminar Pvt. Ltd. C.P. (IB) No. 442-NCLT-AHM-2018

> NCLT judgment dated 2019-06-17. Citation: TCN-2019-NCLT-02862. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against a…

- **Court:** NCLT
- **Order date:** 17 Jun 2019
- **Citation:** TCN-2019-NCLT-02862
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/in-the-matter-fo-aim-laminar-pvt-ltd-cp-ib-no-442-nclt-ahm-2018-25023bc3

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against a Corporate Debtor Company. An order for admission of the petition was previously passed on 2019-05-30. However, a settlement was reached between the parties, with the Operational Creditor/petitioner receiving Rs. 7,77,414/- from the Corporate Debtor Company. The Committee of Creditors (COC) had not yet been constituted. The Interim Resolution Professional (IRP) expressed inability to accept the assignment.

## Facts

Yug International Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Aim Laminar Pvt. Ltd. under CP(IB) No. 442/NCLT/AHM/2018. The NCLT Ahmedabad Bench had already admitted the petition on 2019-05-30. Subsequently, Yug International Pvt. Ltd. and Aim Laminar Pvt. Ltd. reached a settlement where Aim Laminar Pvt. Ltd. paid Rs. 7,77,414/- to Yug International Pvt. Ltd. The Committee of Creditors (COC) had not yet been constituted, and the Interim Resolution Professional (IRP), Shri Savan Godiawala, expressed his inability to continue with the assignment. Yug International Pvt. Ltd. then filed a pursis seeking withdrawal of the CIRP, which the NCLT considered based on the settlement and the legal position that the COC was not yet formed. The

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can permit the withdrawal of an IB Petition after its admission …

**Ratio:** The ratio is derived from the Supreme Court's decision in Swiss Ribbons vs. Union of

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**Reasoning:** The court reasoned that since the COC had not yet been formally constituted, it was

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**Interpretation:** The interpretation is that the Supreme Court's ruling provides a window for

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**Application:** In this specific case, the court applied the ratio by noting that the COC had

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** Yug International…
- **Respondents:** Aim Laminar Pvt.…

## Timeline

- **2018-01-01 — Case Fil…**: C.P. (I.B) No.…
- **2019-01-25 — Supreme Court…**: The Hon'ble Supreme Court decided the matter of Swiss Ribbons vs. Union of India (Writ…

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