# In the matter of J. Technologies India Ltd. MA-272-IB-2018 In CP-641-(IB)-2017

> NCLT judgment dated 2018-07-27. Citation: TCN-2018-NCLT-01058. The case involves an application (MA/272/IB/2018) filed in CP/641/IB/2018 for recalling an…

- **Court:** NCLT
- **Order date:** 27 Jul 2018
- **Citation:** TCN-2018-NCLT-01058
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/j-technologies-india-ltd-ma-272-ib-2018-in-cp-641-ib-2017-1e75a377

## Summary

### Background

The case involves an application (MA/272/IB/2018) filed in CP/641/IB/2018 for recalling an order dated 19.06.2018, which initiated the Corporate Insolvency Resolution Process (CIRP) against M/s. J. Technologies India Pvt. Ltd. The CIRP was initiated based on an application filed by M/s. Jura IT Solutions Pvt. Ltd. The Operational Creditor and the Corporate Debtor reached a settlement agreement.

## Facts

M/s. Jura IT Solutions Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. J. Technologies India Pvt. Ltd. via CP/641/(IB)/2018. The National Company Law Tribunal (NCLT) had previously passed an order on 19.06.2018 to initiate the CIRP. Subsequently, the Operational Creditor (M/s. Jura IT Solutions Pvt. Ltd.) and the Corporate Debtor (M/s. J. Technologies India Pvt. Ltd.) arrived at a settlement agreement. As part of the settlement, the Corporate Debtor agreed to pay Rs.78,40,000/- to the Operational Creditor, with an upfront payment of Rs.45,00,000/- made via three demand drafts dated 26.07.2018. The remaining amount was to be paid in four installments via post-dated cheques. The expenses incurred by the Interim Resolution Professional

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## Issues and analysis

### Issue 1: Whether the order dated 19.06.2018 initiating the CIRP against M/s. J. Technologies India Pvt. Ltd. …

**Ratio:** The legal principle is that if the parties involved in a CIRP reach a settlement, and the

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**Reasoning:** The court reasoned that the Operational Creditor and the Corporate Debtor had arrived at

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**Interpretation:** This interpretation allows for the CIRP to be terminated if a settlement is

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**Application:** In this specific case, the court applied the principle by recalling its earlier

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** AJAYAK…
- **Respondents:** JURA IT SOLUTIONS…

## Timeline

- **2018-06-19 — Order for CIRP…**: The Authority passed an order initiating the CIRP against M/s. J. Technologies India Pvt.…
- **2018-07-26 — Demand Drafts…**: The Corporate Debtor made an upfront payment…

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