# In the matter of Phyto Biotech Private Limited

> NCLT judgment dated 2020-02-27. Citation: TCN-2020-NCLT-01788. The case involves an application (IA(IB) No. 345/KB/2020) filed by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 27 Feb 2020
- **Citation:** TCN-2020-NCLT-01788
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/phyto-biotech-private-limited-072c49fb

## Summary

### Background

The case involves an application (IA(IB) No. 345/KB/2020) filed by the Interim Resolution Professional (IRP) for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) due to a settlement between the Operational Creditor and the Corporate Debtor. The resolution costs and fees for the services rendered by the IRP have been paid.

## Facts

The Interim Resolution Professional (IRP) filed an application (IA(IB) No. 345/KB/2020) seeking the withdrawal of the Corporate Insolvency Resolution Process (CIRP). This application was based on the settlement of the claim between the Operational Creditor and the Corporate Debtor. All resolution costs and fees for the services provided by the IRP had been fully paid. The court considered this application and allowed the withdrawal of the CIRP. The case was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The case number is CP(IB)No.515/KB/2019.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Insolvency Resolution Process (CIRP) filed …

**Ratio:** The legal principle applied is that if the Operational Creditor and the Corporate Debtor

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**Reasoning:** The court reasoned that since the Operational Creditor and the Corporate Debtor had

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**Interpretation:** This interpretation suggests that the IBC favors settlements between parties

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**Application:** In this specific case, the IRP's application for withdrawal was based on the

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Respondents:** Phyto Biotech…; Jupiter Internatio…
- **Advocates:** Rajendra Kr…; CS Shunti…; +3 more

## Timeline

- **2020-02-27 — Hearing…**: Hearing held on February…
- **2020-02-27 — Order Da…**: Order issued on February 27, 2020,…

## 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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