# In the matter of Red Brick Consulting Pvt. Ltd. IA. 1812-ND-2020 (IB)2408(ND)2019

> NCLT judgment dated 2020-03-17. Citation: TCN-2020-NCLT-01504. The case pertains to IA No. 1812/ND/2020 filed by the IRP seeking withdrawal of the CIRP…

- **Court:** NCLT
- **Order date:** 17 Mar 2020
- **Citation:** TCN-2020-NCLT-01504
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/red-brick-consulting-pvt-ltd-ia-1812-nd-2020-ib2408nd2019-5a861fc5

## Summary

### Background

The case pertains to IA No. 1812/ND/2020 filed by the IRP seeking withdrawal of the CIRP initiated vide order dated 06.02.2020. The withdrawal is sought in view of an amicable settlement between the parties. The details of the settlement are mentioned in the application.

## Facts

M/s Concrete Additives & Chemicals Pvt. Ltd. filed an application against M/s Red Brick Consulting Pvt. Ltd., initiating CIRP. An order was passed on 06.02.2020 initiating the CIRP. Subsequently, an amicable settlement was reached between the parties. The IRP, Mr. Kamal Kishore Khurana, filed IA No. 1812/ND/2020 seeking withdrawal of the CIRP. The IRP confirmed that no dues were pending. The application was supported by the learned counsel and documents placed on record.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP should be allowed based on the amicable …

**Ratio:** CIRP can be withdrawn if there is an amicable settlement between the parties and no dues

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**Reasoning:** The court considered the fact that an amicable settlement had been reached between the

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**Interpretation:** The legal principle is that CIRP is a mechanism to resolve insolvency, and if

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**Application:** In this case, the parties reached an amicable settlement, and the IRP confirmed

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## Parties

- **Judges:** DEEPTI M…
- **Appellants:** M/s Concrete…
- **Respondents:** M/s Red Brick…; M/s Red Brick…

## Timeline

- **2020-02-06 — CIRP Init…**: CIRP was initiated against M/s Red…
- **2020-03-17 — Order for Withdrawal of…**: The NCLT allowed the withdrawal of the CIRP based on the amicable settlement between the…

## 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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