# In the matter of Innovative Buildestates Private Ltd. CA Nos. 156 & 162-2017 IN CP (IB) No. 29-Chd-Hry-2017

> NCLT judgment dated 2017-10-10. Citation: TCN-2017-NCLT-00301. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 10 Oct 2017
- **Citation:** TCN-2017-NCLT-00301
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/innovative-buildestates-private-ltd-ca-nos-156-162-2017-in-cp-ib-no-29-chd-hry-2-355da90c

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, filed as CP (IB) No. 29/Chd/Hry/2017. The Operational Creditor, C.P. and Associates Pvt. Ltd., initiated the insolvency resolution process against the Corporate Debtor, Innovative Buildestates Private Ltd. The Interim Resolution Professional (IRP), Mr. Jitendra Bakshi, was appointed. CA No.162 of 2017 was filed by the IRP seeking discharge. The Corporate Debtor's counsel stated that there were no other creditors besides the Operational Creditor and two Financial Creditors (State Bank of India and Religare Finance Ltd.), but the Corporate Debtor was not in default with regard to the Financial Creditors.

## Facts

C.P. and Associates Pvt. Ltd., the Operational Creditor, initiated insolvency proceedings against Innovative Buildestates Private Ltd., the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application was filed as CP (IB) No. 29/Chd/Hry/2017. Mr. Jitendra Bakshi was appointed as the Interim Resolution Professional (IRP) on 24.08.2017 and assumed his role on 31.08.2017. The IRP filed CA No.162 of 2017 seeking discharge. The Corporate Debtor stated that there were no other creditors besides the Operational Creditor and two Financial Creditors, State Bank of India and Religare Finance Ltd., but the Corporate Debtor was not in default with regard to the Financial Creditors. A settlement deed dated 29.09.2017 was reached between the

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## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional should be discharged given the settlement between the …

**Ratio:** When parties reach a settlement and the Operational Creditor does not oppose the

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**Reasoning:** The Operational Creditor confirmed the settlement and did not oppose the IRP's discharge.

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**Interpretation:** This highlights the importance of settlements in insolvency proceedings. When a

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**Application:** Since the Operational Creditor confirmed the settlement and did not oppose the

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## Parties

- **Judges:** R.P.Nag…
- **Respondents:** Innovative…

## Timeline

- **2017-08-24 — Moratoriu…**: Moratorium was dated…
- **2017-08-24 — IRP Appointme…**: Mr. Jitendra Bakshi was appointed as…

## 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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