# In the matter of Neo Cochin Infrastructure Services Pvt. Ltd. IBA-15-KOB-2019

> NCLT judgment dated 2020-04-23. Citation: TCN-2020-NCLT-01406. This case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 23 Apr 2020
- **Citation:** TCN-2020-NCLT-01406
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/neo-cochin-infrastructure-services-pvt-ltd-iba-15-kob-2019-9c620d29

## Summary

### Background

This case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Ingersoll Rand Climate Solutions Private Limited (Operational Creditor/Petitioner) against Neo Cochin Infrastructure Services Private Limited (Corporate Debtor/Respondent). The operational creditor filed the petition seeking initiation of corporate insolvency resolution process against the corporate debtor.

## Facts

Ingersoll Rand Climate Solutions Private Limited, the operational creditor, filed a petition against Neo Cochin Infrastructure Services Private Limited, the corporate debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016. Subsequently, the corporate debtor proposed a settlement to pay the principal amount of ₹4,31,000 to the operational creditor. The operational creditor agreed to the settlement. The corporate debtor agreed to pay ₹2,00,000 via cheque No.023110 dated 2020-03-23 and the remaining amount in two installments through post-dated cheques No. 023113 dated 2020-04-23 and No. 023114 dated 2020-05-23. Based on this settlement, the operational creditor sought to withdraw the petition.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 can be …

**Ratio:** A petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 can be

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**Reasoning:** The court considered the withdrawal memo filed by the operational creditor, which was

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**Interpretation:** This interpretation allows for the withdrawal of insolvency petitions when a

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**Application:** In this case, the operational creditor agreed to withdraw the petition after

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## Parties

- **Judges:** Ashok Kumar…; Veera Brahma Rao…
- **Appellants:** Ingersoll Rand…
- **Respondents:** Neo Cochin…; Union of…

## Timeline

- **2020-04-16 — IA Submi…**: The operational creditor submitted an IA in IBA/15/KOB/2020 stating that the Corporate…
- **2020-03-23 — Cheque I…**: The Corporate Debtor undertakes to credit a sum of ₹2,00,000/- by way of a cheque bearing…

## 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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