# In the matter of Kyara Software Solutions Pvt. Ltd. (IB)-299(ND)-2018

> NCLT judgment dated 2018-07-24. Citation: TCN-2018-NCLT-01090. The case involves an application to terminate the Corporate Insolvency Resolution (CIR)…

- **Court:** NCLT
- **Order date:** 24 Jul 2018
- **Citation:** TCN-2018-NCLT-01090
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kyara-software-solutions-pvt-ltd-ib-299nd-2018-23ed3203

## Summary

### Background

The case involves an application to terminate the Corporate Insolvency Resolution (CIR) proceedings of Softwareone India Pvt. Ltd. The Committee of Creditors (COC) decided to end the CIR proceedings, and a similar application was filed by the COC supported by an affidavit. The Resolution Professional (RP) filed a report, and the agenda of the meeting was to put an end to the CIR proceedings. Softwareone India Pvt. Ltd. claimed an amount of Rs. 28,15,663/-.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Softwareone India Pvt. Ltd. Softwareone India Pvt. Ltd. claimed an amount of Rs. 28,15,663/-. The Committee of Creditors (COC) decided to put an end to the CIR proceedings. The Resolution Professional (RP) filed a report on the outcome of the meeting held on June 15, 2018, where the agenda was to terminate the CIR proceedings. The COC's decision was supported by recorded minutes and an affidavit of the RP. No other claim was received pursuant to the publication. The liability is proposed to be settled vide the post-dated cheques. The COC filed an application to terminate the CIR proceedings, which the Bench permitted, directing the termination of the CIR proceedings and recalling all interim

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## Issues and analysis

### Issue 1: Whether the application to terminate the Corporate Insolvency Resolution Process (CIRP) should be …

**Ratio:** The court has the power to approve the termination of CIRP if the claim is fully resolved

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**Reasoning:** The Bench considered the application filed by the COC, supported by an affidavit, and the

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**Interpretation:** The legal issue involves the interpretation of the Insolvency and Bankruptcy

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**Application:** In this case, the COC applied for termination, and the court found that the

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## Parties

- **Judges:** DeepaKr…; Ina Mal…
- **Respondents:** Softwareone India…

## Timeline

- **2018-06-15 — Meeting…**: Meeting held where the agenda was to…
- **2018-07-24 — Order Da…**: Order passed by the NCLT…

## 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)

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