# 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-00920. The petition for initiating the Corporate Insolvency Resolution (CIR) process was admitted via…

- **Court:** NCLT
- **Order date:** 18 Oct 2019
- **Citation:** TCN-2019-NCLT-00920
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kaba-infratech-ltd-ca-no-1359-nd-2019-ib-1255nd2019-d7c81560

## 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 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.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against KABA Infrastructure Ltd. The petition for initiating the CIR process was admitted on 2019-09-18. The Interim Resolution Professional (IRP) filed an application (CA-1359/19) seeking the termination of the CIRP based on a settlement with the Financial Creditor. The Financial Creditor's authorized representative, Mr. Pramod Kumar, supported the termination. 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 after publication. The Committee of Creditors (CoC) was constituted. The court considered the directives of the Hon'ble

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## Issues and analysis

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

**Ratio:** The CIR process can be terminated if there is a settlement between the Corporate Debtor

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**Reasoning:** The court considered the IRP's application, the supporting affidavit from the Financial

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**Interpretation:** This issue involves the interpretation of the Insolvency and Bankruptcy Code

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**Application:** In this case, the court applied the ratio by considering the settlement between

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## Parties

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

## Timeline

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

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