# In the matter of Progressive Endeavours Pvt..Ltd. IA(IB)No. 420-KB-2019 in CP(IB)No. 1566-KB-2019

> NCLT judgment dated 2020-03-12. Citation: TCN-2020-NCLT-01589. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against KDG…

- **Court:** NCLT
- **Order date:** 12 Mar 2020
- **Citation:** TCN-2020-NCLT-01589
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/progressive-endeavours-pvtltd-iaibno-420-kb-2019-in-cpibno-1566-kb-2019-15f62c12

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against KDG Projects Pvt Ltd. The matter was brought before the NCLT Kolkata Bench. IA(IB) 402/KB/20 was filed under Rule 11 of NCLT Rules for disposal of CP on ground of settlement.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against KDG Projects Pvt Ltd. The corporate debtor was admitted into CIRP on 2020-02-17. Subsequently, the parties settled the dispute. IA(IB) 402/KB/20 was filed under Rule 11 of NCLT Rules for disposal of the CP based on the settlement. The court considered the settlement and allowed the application for disposal of the CP, subject to the corporate debtor depositing Rs. 50,000 with the Registrar, NCLT Escrow Account, Kolkata Bench, Kolkata, and paying the fees of the IRP. The key fact is the settlement between the parties after the initiation of CIRP, which led to the court's decision to dispose of the CP and IA.

## Issues and analysis

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

**Ratio:** The legal principle applied is that if parties settle their dispute after the initiation

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**Reasoning:** The court reasoned that since the parties have settled the dispute, it is appropriate to

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**Interpretation:** This interprets the NCLT Rules to allow for the disposal of a CP based on a

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**Application:** In this case, the parties settled the dispute after the corporate debtor, KDG

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## Parties

- **Judges:** Madan B.…; V.K. G…
- **Respondents:** KDG Projects Pvt…; Progressive…

## Timeline

- **2020-02-17 — Admission in…**: Corporate Debtor is…
- **2020-03-12 — Hearing…**: Hearing on 12th March,…

## 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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