# In the matter of Indo Laminates Pvt. Ltd. (IB)-719(ND)-2019

> NCLT judgment dated 2019-06-07. Citation: TCN-2019-NCLT-03024. CA 723/2019 was filed by the Operational Creditor, seeking termination of the Corporate…

- **Court:** NCLT
- **Order date:** 7 Jun 2019
- **Citation:** TCN-2019-NCLT-03024
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/indo-laminates-pvt-ltd-ib-719nd-2019-9dbd6189

## Summary

### Background

CA 723/2019 was filed by the Operational Creditor, seeking termination of the Corporate Insolvency Resolution (CIR) process, which had commenced on May 22, 2019, following the admission of their petition. The parties reached a compromise through a settlement agreement dated June 3, 2019. The Interim Resolution Professional (IRP) informed the court that no Committee of Creditors (COC) had been formed due to the absence of received claims after the publication.

## Facts

The Operational Creditor filed CA 723/2019 seeking termination of the CIR process. The CIR process was initiated on May 22, 2019, following the admission of the Operational Creditor's petition. A settlement agreement was reached between the parties on June 3, 2019. The IRP informed the court that no COC was constituted due to the absence of claims received after publication. The Corporate Debtor is M/s. GD Chemicals V/s. M/s. Indo Laminates Pvt. Ltd. The Corporate Debtor has undertaken to reimburse the IRP's expenses and professional fees within one week.

## Issues and analysis

### Issue 1: Whether the CIR process can be terminated prior to the constitution of the COC based on a …

**Ratio:** The CIR process can be terminated prior to the constitution of the COC if a compromise is

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**Reasoning:** The court relied on the Supreme Court's decision in 'Swiss Ribbons' case, which clarified

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**Interpretation:** The 'Swiss Ribbons' case interprets the Insolvency and Bankruptcy Code (IBC) to

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**Application:** In this case, the parties reached a settlement agreement, and the IRP confirmed

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Respondents:** M/s. GD Chemicals…; Rajeev Jha,…

## Timeline

- **2019-05-22 — CIR Process In…**: The CIR process was initiated following the admission of the Operational Creditor's…
- **2019-06-03 — Settlement Ag…**: A compromise was effected between the…

## 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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