# In the matter of Omega Transmission Pvt. Ltd. CA(IB)No. 1121-KB-2019 in CP (IB) 992-KB-2018

> NCLT judgment dated 2019-09-03. Citation: TCN-2019-NCLT-01628. The case involves Techmech Realtors Pvt. Ltd. versus Omega Transmission Pvt. Ltd. The financial…

- **Court:** NCLT
- **Order date:** 3 Sept 2019
- **Citation:** TCN-2019-NCLT-01628
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/omega-transmission-pvt-ltd-caibno-1121-kb-2019-in-cp-ib-992-kb-2018-6d159dde

## Summary

### Background

The case involves Techmech Realtors Pvt. Ltd. versus Omega Transmission Pvt. Ltd. The financial creditor and corporate debtor entered into a settlement after the admission of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. An application (CA(IB) 1121/KB/2019) was filed by the Resolution Professional (RP) for withdrawal of the main CP.

## Facts

Techmech Realtors Pvt. Ltd. initiated a Corporate Insolvency Resolution Process (CIRP) against Omega Transmission Pvt. Ltd. under Section 7 of the IBC. After the admission of the CIRP, the financial creditor and the corporate debtor reached a settlement. Consequently, the Resolution Professional (RP) filed an application (CA(IB) 1121/KB/2019) for the withdrawal of the main CP. The court noted that the Committee of Creditors (CoC) had not yet been formed. The court allowed the withdrawal of the CP and disposed of the CA.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main CP can be allowed based on the settlement …

**Ratio:** The court has the inherent power to allow withdrawal of a case to secure the ends of

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**Reasoning:** The court reasoned that since the parties had entered into a settlement, it was

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**Interpretation:** The court interpreted rule 11 of the NCLT Rules as granting it the power to

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

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Techmech Realtors…
- **Respondents:** Omega Transmission…

## Timeline

- **2019-09-03 — Hearing…**: Hearing held on September…
- **N/A — Settleme…**: Financial creditor and corporate debtor entered…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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