# In the matter of Kayo Enterprises Pvt. Ltd. CA. 990-ND-2020, (IB)-1427-ND-2019

> NCLT judgment dated 2020-02-14. Citation: TCN-2020-NCLT-01956. The case pertains to an application filed by the Interim Resolution Professional (IRP) seeking…

- **Court:** NCLT
- **Order date:** 14 Feb 2020
- **Citation:** TCN-2020-NCLT-01956
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kayo-enterprises-pvt-ltd-ca-990-nd-2020-ib-1427-nd-2019-64652834

## Summary

### Background

The case pertains to an application filed by the Interim Resolution Professional (IRP) seeking withdrawal of an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). A Corporate Insolvency Resolution Process (CIRP) order was previously passed on January 21, 2020. The parties involved have executed a settlement agreement, which is annexed to the application. The IRP states that no claims have been received, and the Committee of Creditors (CoC) has not been constituted.

## Facts

This is a case where This is it Designs Pvt. Ltd. filed an application against Kayo Enterprises Pvt. Ltd. under Section 9 of the IBC. A CIRP order was passed on January 21, 2020. Subsequently, the parties reached a settlement agreement. The IRP filed an application seeking withdrawal of the initial application, stating that no claims were received, and the CoC was not constituted. The IRP also stated that no dues for expenses/fees were pending. The key facts are the settlement agreement, the absence of claims and CoC formation, and the IRP's request for withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP application under Section 9 of the IBC should be …

**Ratio:** The legal principle applied is that a CIRP application can be withdrawn if the parties

…

**Reasoning:** The court reasoned that since the parties had reached a settlement agreement, no claims

…

**Interpretation:** This interpretation allows for flexibility in the CIRP process, enabling

…

**Application:** In this case, the court applied the principle by allowing the withdrawal of the

…

## Parties

- **Judges:** DEEPTI M…
- **Appellants:** This is it…
- **Respondents:** Kayo Enterprises…

## Timeline

- **2020-01-21 — CIRP Ord…**: CIRP order was…
- **2020-02-14 — Order Del…**: Order delivered on the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/kayo-enterprises-pvt-ltd-ca-990-nd-2020-ib-1427-nd-2019-64652834