# In the matter of Nutec Infotech Pvt. Ltd. IA-296(AHM)-2021 with CP(IB)91-9-NCLT-AHM-2020

> NCLT judgment dated 2021-04-26. Citation: TCN-2021-NCLT-02295. The applicant sought to set aside the order of Corporate Insolvency Resolution Process (CIRP)…

- **Court:** NCLT
- **Order date:** 26 Apr 2021
- **Citation:** TCN-2021-NCLT-02295
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nutec-infotech-pvt-ltd-ia-296ahm-2021-with-cpib91-9-nclt-ahm-2020-09a835c3

## Summary

### Background

The applicant sought to set aside the order of Corporate Insolvency Resolution Process (CIRP) initiated in CP(IB) No. 91 of 2020, dated 24.03.2021. The application was filed through the Interim Resolution Professional (IRP), who was also present. It was claimed that all disputed amounts had been paid, and the Committee of Creditors (CoC) was yet to be formed.

## Facts

The applicant filed IA No. 296 of 2021 seeking to set aside the order of Corporate Insolvency Resolution Process (CIRP) initiated in CP(IB) No. 91 of 2020, dated 24.03.2021. The application was filed through the Interim Resolution Professional (IRP). The IRP was present during the proceedings. The applicant claimed that all disputed amounts had been paid. The Committee of Creditors (CoC) was yet to be formed. The court considered these circumstances and accepted the request to set aside the CIRP order. The Corporate Debtor was released from all rigours of the Insolvency & Bankruptcy Code, 2016. The IRP was directed to handover all records/documents of the Corporate Debtor. The key facts are the payment of disputed amounts and the non-formation of the CoC, which

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## Issues and analysis

### Issue 1: Whether the order of Corporate Insolvency Resolution Process should be set aside given that the …

**Ratio:** When the disputed amount is paid and the Committee of Creditors (CoC) is yet to be

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**Reasoning:** The court reasoned that since the disputed amount was claimed to have been paid and the

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**Interpretation:** This interpretation suggests that the primary objective of the CIRP, which is

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**Application:** In this case, the court applied the ratio by considering the fact that the

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Chaitanya…
- **Respondents:** Nutec Infotech…

## Timeline

- **2020-01-01 — CP(IB) No. 91…**: Corporate Insolvency Resolution Process…
- **2021-03-24 — Order Da…**: Order passed in CP(IB)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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