# In the matter of Kaba Infratech Ltd. CA No. 1359 -ND-2019 (IB)-1255(ND)2019

> NCLT judgment dated 2019-10-18. Citation: TCN-2019-NCLT-00912. The petition for initiating the Corporate Insolvency Resolution (CIR) process was admitted via…

- **Court:** NCLT
- **Order date:** 18 Oct 2019
- **Citation:** TCN-2019-NCLT-00912
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kaba-infratech-ltd-ca-no-1359-nd-2019-ib-1255nd2019-08b533ce

## Summary

### Background

The petition for initiating the Corporate Insolvency Resolution (CIR) process was admitted via an order dated 2019-09-18. The present application, CA-1359/19, was filed by the Interim Resolution Professional (IRP) in Form FA, seeking the termination of the CIR process based on a settlement with the Financial Creditor. The application is supported by an affidavit from Mr. Pramod Kumar, the Authorised Representative of the Financial Creditor. The Director of the Corporate Debtor, Mr. Anurag Chaturvedi, was present in court. The Corporate Debtor reimbursed the IRP's expenses and professional fees. The IRP, Mr. Vinay Singhal, stated that no other claim had been received following the publication of the notice.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against KABA Infrastructure Ltd., with the petition being admitted on 2019-09-18. Subsequently, the Interim Resolution Professional (IRP) filed an application (CA-1359/19) seeking termination of the CIRP based on a settlement reached with the Financial Creditor. The Financial Creditor's authorized representative, Mr. Pramod Kumar, supported the termination through an affidavit. The Corporate Debtor, represented by its Director Mr. Anurag Chaturvedi, had reimbursed the IRP's expenses and professional fees. The IRP, Mr. Vinay Singhal, confirmed that no other claims were received after the public notice. The Committee of Creditors (CoC) was constituted. The court considered the directives of the Hon'ble Apex

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## Issues and analysis

### Issue 1: Whether the CIR process should be terminated based on the settlement between the IRP and the …

**Ratio:** The CIR process can be terminated if there is a settlement between the parties and no

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**Reasoning:** The court reasoned that since a settlement had been reached with the Financial Creditor

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**Interpretation:** This interpretation allows for the termination of CIRP when a settlement is

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**Application:** In this case, the settlement between the IRP and the Financial Creditor, along

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## Parties

- **Judges:** Saroj Ra…; Ina Mal…
- **Respondents:** KABA Infrastructur…
- **Advocates:** Sanjeev K…

## Timeline

- **2019-09-18 — Admission of CIR…**: The petition for initiating…
- **2019-10-18 — Hearing…**: Hearing before the New Delhi Bench of…

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