# In the matter of Sai Communication & Marketing Pvt. Ltd. (IB)-978-(ND)-2018

> NCLT judgment dated 2018-11-29. Citation: TCN-2018-NCLT-00270. CA 771/2018 was filed by the Resolution Professional (RP) to place on record the resolution…

- **Court:** NCLT
- **Order date:** 29 Nov 2018
- **Citation:** TCN-2018-NCLT-00270
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sai-communication-marketing-pvt-ltd-ib-978-nd-2018-05bb56c0

## Summary

### Background

CA 771/2018 was filed by the Resolution Professional (RP) to place on record the resolution passed by the Committee of Creditors (COC) for terminating the Corporate Insolvency Resolution (CIR) process. The COC consists of only one member, an Operational Creditor, at whose instance the process was initiated.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated at the instance of an Operational Creditor. The Committee of Creditors (COC) comprised only one member, the same Operational Creditor. The COC passed a resolution to terminate the CIRP. The Resolution Professional (RP) then filed an application (CA 771/2018) to the National Company Law Tribunal (NCLT) to record the COC's resolution and terminate the CIRP. The RP's counsel submitted that the application was filed in view of the COC's resolution. The NCLT allowed the application and terminated the CIRP. The settlement and compromise between the parties resulted in the claim of the Operational Creditor being fully satisfied.

## Issues and analysis

### Issue 1: Whether the application for termination of the CIR process should be allowed based on the …

**Ratio:** The resolution passed by the COC is a significant factor in deciding whether to terminate

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**Reasoning:** The court considered the resolution passed by the COC, which comprised the sole

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**Interpretation:** The court interpreted the COC's resolution as a valid basis for terminating the

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**Application:** The court applied the principle that a resolution passed by the COC is a valid

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## Parties

- **Judges:** Ina Mal…
- **Respondents:** JAGRAN PRAKASHAN…; Sai Communication…
- **Advocates:** Sunil S…

## Timeline

- **2018-11-29 — Hearing…**: Hearing before the New Delhi Bench of…
- **2018-01-01 — Filing of CA…**: CA 771/2018 filed by the RP placing on record the resolution passed by the COC for…

## 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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