# In the matter of Kingiree Fashion Pvt. Ltd. CA(IB)No.255 & 283-KB-2019 In CP(IB) No. 1049-KB-2018

> NCLT judgment dated 2019-03-05. Citation: TCN-2019-NCLT-04586. The case involves CP(IB) No. 1049/KB/2018, CA(IB)No.255/KB/2019, and CA(IB)No.283/KB/2019…

- **Court:** NCLT
- **Order date:** 5 Mar 2019
- **Citation:** TCN-2019-NCLT-04586
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kingiree-fashion-pvt-ltd-caibno255-283-kb-2019-in-cpib-no-1049-kb-2018-c9b6a300

## Summary

### Background

The case involves CP(IB) No. 1049/KB/2018, CA(IB)No.255/KB/2019, and CA(IB)No.283/KB/2019 before the National Company Law Tribunal, Kolkata Bench. The case was initiated by Reliance Commercial Finance Ltd against Kingri Fashion Pvt Ltd under Section 7 of the IBC. CA(IB) No. 255/KB/2019 was filed by the Corporate Debtor for the settlement of the claim and withdrawal of the CIRP proceeding. CA(IB) No. 283/KB/2019 was filed by the Financial Creditor stating that the claim has been settled out of the Tribunal.

## Facts

Reliance Commercial Finance Ltd initiated a CIRP against Kingri Fashion Pvt Ltd under Section 7 of the IBC. The Corporate Debtor (Kingri Fashion Pvt Ltd) filed CA(IB) No. 255/KB/2019 for settlement of the claim and withdrawal of the CIRP. The Financial Creditor (Reliance Commercial Finance Ltd) filed CA(IB) No. 283/KB/2019 stating that the claim had been settled out of the Tribunal, and a 'no due certificate' was issued. The IRP's counsel submitted that the matter was settled before the constitution of the Committee of Creditors. The IRP fees and resolution costs had already been paid. The key fact is that the parties settled the matter outside of the tribunal, leading to the closure of the CIRP.

## Issues and analysis

### Issue 1: Whether the applications filed by the Financial Creditor and the Corporate Debtor for settlement …

**Ratio:** When parties settle a matter outside of the tribunal, and both parties agree to the

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**Reasoning:** The court considered the applications filed by both the Financial Creditor and the

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**Interpretation:** This interpretation allows for out-of-court settlements to be recognized and

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**Application:** In this case, both the Financial Creditor and the Corporate Debtor agreed to

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## Parties

- **Judges:** Jinan…
- **Appellants:** Reliance Commercia…
- **Respondents:** Kingri Fashion…

## Timeline

- **2019-03-05 — Hearing…**: Hearing held on 5th…
- **2018-01-01 — CP(IB) No. 1049/KB/2018…**: CP(IB) No. 1049/KB/2018…

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