# In the matter of Inox FMCG Pvt. Ltd. (CA No. 462-2019) in IB-687-ND-2019

> NCLT judgment dated 2019-07-22. Citation: TCN-2019-NCLT-02397. The case involves Alyanaa Ventures (P) Ltd as the petitioner and Inox FMCG (P) Ltd as the…

- **Court:** NCLT
- **Order date:** 22 Jul 2019
- **Citation:** TCN-2019-NCLT-02397
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/inox-fmcg-pvt-ltd-ca-no-462-2019-in-ib-687-nd-2019-11c90fcc

## Summary

### Background

The case involves Alyanaa Ventures (P) Ltd as the petitioner and Inox FMCG (P) Ltd as the respondent. The petition was filed under Section 9 of the IBC, 2016. The parties reached a settlement after the initiation of the Corporate Insolvency Resolution Process (CIRP). The settlement led them to seek withdrawal of the petition.

## Facts

Alyanaa Ventures (P) Ltd filed a petition against Inox FMCG (P) Ltd under Section 9 of the IBC, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP). Subsequently, the parties reached a settlement and sought to withdraw the petition. The IRP appointed by the Tribunal confirmed that paper publication had been made, but no claims were received, and the COC was not constituted. The Tribunal considered the settlement, the IRP's representation, and the Supreme Court's judgment in M/s. Swiss Ribbon (P) Limited vs. Union of India & Ors. The Corporate Debtor undertook to pay the IRP's fees and expenses.

## Issues and analysis

### Issue 1: Whether the Tribunal can exercise its powers under Rule 11 of NCLT Rules, 2016 to allow the …

**Ratio:** Rule 11 of the NCLT Rules, 2016, empowers the Tribunal to exercise its inherent powers to

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**Reasoning:** The Tribunal considered the settlement reached between the parties, the representation of

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**Interpretation:** Rule 11 provides flexibility to the Tribunal to address situations where a

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**Application:** Given the settlement between Alyanaa Ventures (P) Ltd and Inox FMCG (P) Ltd,

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## Parties

- **Judges:** Sh.R. Varad…
- **Appellants:** Alyanaa Ventures…
- **Respondents:** Inox FMCG (…

## Timeline

- **2019-07-22 — Order Del…**: The order was delivered…

## 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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