# In the matter of Phyto Biotech Private Limited

> NCLT judgment dated 2020-02-27. Citation: TCN-2020-NCLT-01769. 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-01769
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/phyto-biotech-private-limited-e9099b88

## 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 IRP's services 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 a settlement reached between the Operational Creditor and the Corporate Debtor. All resolution costs and fees owed to the IRP for services rendered have been fully paid. The court considered this application for withdrawal.

## Issues and analysis

### Issue 1: Whether the settlement between the Operational Creditor and the Corporate Debtor warrants the …

**Ratio:** When a settlement is reached between the Operational Creditor and the Corporate Debtor,

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**Reasoning:** The court reasoned that since the parties have settled their dispute and the IRP has been

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**Interpretation:** The interpretation of the IBC allows for the withdrawal of CIRP when a

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**Application:** In this case, the settlement between Jupiter International Ltd. and Phyto

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Jupiter Internatio…
- **Respondents:** Phyto Biotech…

## Timeline

- **2020-02-27 — Hearing…**: Hearing held on February…
- **2020-02-27 — Order Da…**: Order issued on February 27, 2020, allowing the withdrawal of the Corporate Insolvency…

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