# 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-02868. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against a…

- **Court:** NCLT
- **Order date:** 17 Jun 2019
- **Citation:** TCN-2019-NCLT-02868
- **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-c655b29d

## 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 already passed on 2019-05-30. However, a settlement was reached between the parties, and the Operational Creditor/petitioner received a sum of Rs. 7,77,414/- from the Corporate Debtor Company towards its claim/debts.

## Facts

Yug International Pvt. Ltd. filed a petition against Aim Laminar Pvt. Ltd. under the Companies Act, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was admitted on 2019-05-30. Subsequently, a settlement was reached between Yug International Pvt. Ltd. and Aim Laminar Pvt. Ltd., with Aim Laminar Pvt. Ltd. paying Rs. 7,77,414/- to Yug International Pvt. Ltd. The Committee of Creditors (COC) had not yet been constituted. The Interim Resolution Professional (IRP), Shri Savan Godiawala, expressed his inability to accept the assignment. Yug International Pvt. Ltd. then filed a pursis for withdrawal of the petition based on the settlement.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can permit the Petitioner to withdraw the IB Petition at the …

**Ratio:** The Adjudicating Authority possesses the necessary power and jurisdiction to permit the

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**Reasoning:** The court relied on the Supreme Court's decision in Swiss Ribbons vs. Union of India,

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**Interpretation:** This interpretation clarifies that the requirement to consult the COC before

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**Application:** In this case, since the COC had not yet been formally constituted, the court

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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…**: Reference to the Supreme Court decision in Swiss Ribbons vs. Union of India (Writ…

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