# In the matter of Pal News Media Pvt. Ltd. (IB)-442(ND)-2017

> NCLT judgment dated 2018-10-10. Citation: TCN-2018-NCLT-00620. CA 628/2018 was filed by the Resolution Professional (RP) seeking the termination of the…

- **Court:** NCLT
- **Order date:** 10 Oct 2018
- **Citation:** TCN-2018-NCLT-00620
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pal-news-media-pvt-ltd-ib-442nd-2017-3df4e6d9

## Summary

### Background

CA 628/2018 was filed by the Resolution Professional (RP) seeking the termination of the Corporate Insolvency Resolution (CIR) process. The submission was made that only the member of the Committee of Creditors (COC) was the Financial Creditor whose dues have been settled.

## Facts

The Resolution Professional (RP) filed CA 628/2018 seeking termination of the Corporate Insolvency Resolution Process (CIRP). The sole member of the Committee of Creditors (COC) was the Financial Creditor, and their dues had been settled. The COC (100%) decided to terminate the CIRP. Form FA for withdrawing the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) had already been filed. This indicates that the financial creditor, who was the only member of the COC, had been paid, and the COC decided to terminate the CIRP, leading to the RP filing the application for termination.

## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) should be terminated given that the sole …

**Ratio:** The legal principle applied is that if the dues of the financial creditor, who is the

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**Reasoning:** The court reasoned that since the sole financial creditor's dues were settled and the COC

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**Interpretation:** The interpretation is that the IBC allows for the termination of the CIRP if

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**Application:** In this specific case, the application of the ratio and reasoning led to the

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## Parties

- **Judges:** DeepaKr…; Ina Mal…
- **Appellants:** M/s. Diamler…
- **Respondents:** M/s. Pal News…

## Timeline

- **2018-10-10 — Hearing…**: Hearing before the New Delhi Bench of…
- **2018-01-01 — Filing of CA…**: CA 628/2018 filed by the RP praying…

## 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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