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

> NCLT judgment dated 2018-07-24. Citation: TCN-2018-NCLT-01088. The case involves a Corporate Insolvency Resolution (CIR) proceeding. A report was filed by the…

- **Court:** NCLT
- **Order date:** 24 Jul 2018
- **Citation:** TCN-2018-NCLT-01088
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kyara-software-solutions-pvt-ltd-ib-299nd-2018-663ee866

## Summary

### Background

The case involves a Corporate Insolvency Resolution (CIR) proceeding. A report was filed by the Resolution Professional (RP) regarding the outcome of a meeting held on June 15, 2018, where the agenda was to conclude the CIR process. The RP submitted a list of creditors. Softwareone India Pvt. Ltd., the applicant, claimed Rs. 28,15,663/-. No other claims were received after publication. The liability was proposed to be settled via post-dated cheques, a proposal accepted by the claimant. The Committee of Creditors (COC) decided to end the CIR proceedings, supported by recorded minutes and an affidavit from the RP. A similar application to end the CIR proceedings was filed by the COC, also supported by an affidavit.

## Facts

The key facts are as follows: A CIR proceeding was initiated. A meeting was held on June 15, 2018, to discuss ending the CIR process. Softwareone India Pvt. Ltd. filed a claim for Rs. 28,15,663/-. No other claims were received after publication. The liability was proposed to be settled via post-dated cheques, which the claimant accepted. The COC decided to end the CIR proceedings, supported by minutes and an affidavit. The RP also filed a report. The relevance of these facts lies in demonstrating the consensus and actions taken to resolve the claim and conclude the CIR process.

## Issues and analysis

### Issue 1: Whether the CIR proceeding should be terminated given the resolution of the claim and the COC's …

**Ratio:** The principle is that if a claim is fully resolved and the COC agrees to terminate the

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**Reasoning:** The court reasoned that the claimant accepted the settlement proposal, the COC supported

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**Interpretation:** This interprets the insolvency law to allow for the termination of CIR

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Deepa Kr…; Ina Mal…; +1 more
- **Respondents:** Softwareone India…

## Timeline

- **2018-06-15 — Meeting…**: A meeting was held to discuss…
- **2018-07-24 — Hearing…**: Hearing before the New Delhi Bench of…

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