# In the matter of Rayban Foods Pvt.  Ltd. IA-3485-2020 in IB-3433-ND-2020

> NCLT judgment dated 2020-09-18. Citation: TCN-2020-NCLT-00581. The application was filed by Operational Creditor Madam Rohila Imam for restoration of…

- **Court:** NCLT
- **Order date:** 18 Sept 2020
- **Citation:** TCN-2020-NCLT-00581
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rayban-foods-pvt-ltd-ia-3485-2020-in-ib-3433-nd-2020-23b70a29

## Summary

### Background

The application was filed by Operational Creditor Madam Rohila Imam for restoration of application under Section 9 of the IBC, 2016 for initiation of CIRP of CP IB No. 3433/2019. The applicant, Madam Rohila Imam, informed the court that she has received the amount of Rs. 19,94,325 vide DD No. 277133 dated 04.09.2020. The respondent, represented by Ms. Nishi, also confirmed that the demand draft of Rs. 19,94,325 vide DD No. 277133 dated 04.09.2020 has already been paid to Madam Rohila Imam.

## Facts

Madam Rohila Imam, an operational creditor, filed an application for restoration of a CIRP initiation application (CP IB No. 3433/2019) under Section 9 of the IBC, 2016. During the hearing, Madam Rohila Imam informed the court that she received Rs. 19,94,325 via DD No. 277133 dated 2020-09-04. Ms. Nishi, representing the respondent, confirmed the payment. Madam Rohila Imam appeared through VC and admitted that she has received that amount today and she has satisfied with the amount. The key fact is the debt satisfaction, leading to the dismissal of the application.

## Issues and analysis

### Issue 1: Whether the application for restoration of CIRP initiation should be dismissed due to the …

**Ratio:** When a debt is fully satisfied, the legal basis for pursuing a CIRP or related

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**Reasoning:** The court reasoned that since the operational creditor, Madam Rohila Imam, confirmed the

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**Interpretation:** The interpretation is that the IBC aims to resolve debt issues. Once the debt

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**Application:** In this case, the debt was satisfied by the respondent's payment to the

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** Madam Rohil…
- **Respondents:** M/s Rayban Foods…

## Timeline

- **2019-01-01 — CIRP Initiation…**: Filing of CP IB No.…
- **2020-09-04 — Payment v…**: Payment of Rs. 19,94,325…

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