# In the matter of Kalka Home Developers Pvt. Ltd. IA No. 1598-C-III-ND-2020 in IB-1220(ND)-2019

> NCLT judgment dated 2020-03-03. Citation: TCN-2020-NCLT-01703. The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). An…

- **Court:** NCLT
- **Order date:** 3 Mar 2020
- **Citation:** TCN-2020-NCLT-01703
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kalka-home-developers-pvt-ltd-ia-no-1598-c-iii-nd-2020-in-ib-1220nd-2019-b60cdfb3

## Summary

### Background

The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). An application (I.A. No. 1598/C-III/ND/2020) was filed to withdraw the main petition (CP (IB)-1220/ND/2019) because the matter had been settled between the parties. A Memorandum of Understanding (MOU) detailing the payment terms was placed on record. The Resolution Professional (RP) had published a notice, setting March 15, 2020, as the last date for receiving claims, but no claims were received, and the Committee of Creditors (COC) was not constituted.

## Facts

M/s Govind Shuttering Store filed a petition against M/s Kalka Home Developers Pvt. Ltd. under the IBC. An application was filed to withdraw the petition because the parties had settled the matter, evidenced by a Memorandum of Understanding (MOU). The Resolution Professional (RP) had published a notice with a claim deadline of March 15, 2020, but no claims were received. The Committee of Creditors (COC) was not constituted. The court had previously issued an order dated February 14, 2020, declaring a moratorium. The expenses incurred by the IRP were already paid.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main petition should be allowed given the settlement …

**Ratio:** Regulation 30A of the IBBI (Insolvency Resolution) Regulations, 2016 allows for the

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**Reasoning:** The court reasoned that the settlement between the parties, as evidenced by the MOU,

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**Interpretation:** Regulation 30A provides a mechanism for parties to resolve disputes outside of

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**Application:** The court applied Regulation 30A to the facts of the case, finding that the

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## Parties

- **Judges:** CIL MOUD. SHARIEF…; SMT SUMITA…
- **Appellants:** M/s Govind…
- **Respondents:** M/s kalba Home…
- **Advocates:** Mohit N…

## Timeline

- **2020-02-14 — Moratorium D…**: An order was issued…
- **2020-03-15 — Last Date for…**: The last date for receiving…

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