# In the matter of Pioneer Fabricators Pvt. Ltd. (IB)-1067(ND02018

> NCLT judgment dated 2019-06-27. Citation: TCN-2019-NCLT-02768. CA 424/2019 was filed by the Financial Creditor seeking termination of the Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 27 Jun 2019
- **Citation:** TCN-2019-NCLT-02768
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pioneer-fabricators-pvt-ltd-ib-1067nd02018-6b0b6214

## Summary

### Background

CA 424/2019 was filed by the Financial Creditor seeking termination of the Corporate Insolvency Resolution (CIR) process. The CIR process was initiated by an order dated June 12, 2019. The parties have arrived at a settlement, and the Financial Creditor has received some post-dated cheques.

## Facts

The Financial Creditor filed CA 424/2019 seeking termination of the CIR process. The CIR process was initiated vide an order dated June 12, 2019. The parties arrived at a settlement, and the Financial Creditor received post-dated cheques. The IRP, Mr. Ravi Sharma, had not taken any steps in the CIR process. The court considered the decision in 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018. The Corporate Debtor was released from the moratorium.

## Issues and analysis

### Issue 1: Whether the CIR process should be terminated …

**Ratio:** A CIR process can be terminated if the parties have reached a settlement and the

…

**Reasoning:** The court considered the settlement arrived at between the parties, where the Financial

…

**Interpretation:** The interpretation of the law allows for the termination of the CIR process

…

**Application:** In this case, the settlement between the parties, coupled with the lack of

…

## Parties

- **Judges:** Ina Mal…
- **Respondents:** Pioneer Fabricator…; Vibhor Vi…
- **Advocates:** Abhishek Ch…; Vibhor Vi…; +1 more

## Timeline

- **2019-06-12 — Order Da…**: Order initiating the…
- **2019-06-27 — Hearing…**: Hearing before the Vacation Bench of…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/pioneer-fabricators-pvt-ltd-ib-1067nd02018-6b0b6214