# In the matter of Roshan Fruits India Pvt. Ltd. IA-349-2020 in IBA-1390-2019

> NCLT judgment dated 2020-05-22. Citation: TCN-2020-NCLT-01336. The case involves an application filed by the Interim Resolution Professional (IRP) appointed…

- **Court:** NCLT
- **Order date:** 22 May 2020
- **Citation:** TCN-2020-NCLT-01336
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/roshan-fruits-india-pvt-ltd-ia-349-2020-in-iba-1390-2019-954fd87e

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) appointed by the National Company Law Tribunal (NCLT) to initiate the Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. The CIRP was initiated based on a petition filed by the Operational Creditor. Subsequently, the Operational Creditor and the Corporate Debtor amicably settled the matter, leading to a Memorandum of Settlement (MoS) being entered into between them on 2020-05-19. Form-FA, as required under Regulation 30A of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Debtor) Regulations, 2016, was lodged by the Operational Creditor seeking withdrawal of the CIRP.

## Facts

The Interim Resolution Professional (IRP) filed an application to initiate Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor. The CIRP was initiated based on a petition filed by the Operational Creditor. After the initiation of CIRP, the Operational Creditor and the Corporate Debtor reached an amicable settlement, entering into a Memorandum of Settlement (MoS) on 2020-05-19. The Operational Creditor then lodged Form-FA, seeking withdrawal of the CIRP. The IRP informed the Tribunal that a Committee of Creditors (CoC) had not been constituted and that all fees and expenses payable to the IRP had been fully met by the Operational Creditor. The Tribunal considered the settlement, the absence of a CoC, and the payment of IRP fees.

## Issues and analysis

### Issue 1: Whether the CIRP initiated against the Corporate Debtor should be withdrawn given the amicable …

**Ratio:** The legal principle applied is that if the parties involved in a CIRP reach an amicable

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**Reasoning:** The Tribunal reasoned that the settlement between the Operational Creditor and the

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**Interpretation:** This issue involves the interpretation of the Tribunal's powers under the IBC

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**Application:** In this specific case, the Tribunal applied the ratio by considering the

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## Parties

- **Judges:** R. VARADH…
- **Appellants:** CA.SUBRAMANIAM…

## Timeline

- **2020-05-22 — Hearing…**: Hearing of Chennai Bench, National…
- **2020-05-08 — Order Date for CIRP…**: Order dated 2020-05-08 initiating the…

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