# In the matter of SBS Transpole Logistics Pvt. Ltd.
(IB)-400(ND)2019

> NCLT judgment dated 2019-03-12. Citation: TCN-2019-NCLT-04482. CA 308/2019 was filed for the termination of the Corporate Insolvency Resolution (CIR) process.…

- **Court:** NCLT
- **Order date:** 12 Mar 2019
- **Citation:** TCN-2019-NCLT-04482
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sbs-transpole-logistics-pvt-ltd-ib-400nd2019-f4a98458

## Summary

### Background

CA 308/2019 was filed for the termination of the Corporate Insolvency Resolution (CIR) process. The parties involved have compromised the claim. The Committee of Creditors (COC) has not been constituted yet. No claim has been received as submitted by the IRP.

## Facts

CA 308/2019 was filed for termination of the CIR process because the parties compromised the claim. The COC has not been constituted, and no claim has been received as submitted by the IRP. The Hon'ble Apex Court's decision in Swiss Ribbons versus Union of India was considered. The parties are entitled to the prayer for termination. The CIR process is terminated, and the Corporate Debtor is released from the moratorium. The IRP's expenses are to be reimbursed by the Corporate Debtor. The key fact is the compromise between the parties, leading to the termination of the CIR process.

## Issues and analysis

### Issue 1: Whether the CIR process should be terminated due to …

**Ratio:** When parties involved in a CIR process reach a compromise, and the COC has not been

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**Reasoning:** The court considered the compromise reached by the parties and the decision made by the

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**Interpretation:** The legal issue revolves around the interpretation of the Insolvency and

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**Application:** In this specific case, the parties compromised, the COC was not formed, and the

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## Parties

- **Judges:** V.K. SUB…; Ina Mal…
- **Appellants:** Abhinav Shrivastav…
- **Respondents:** SBS Transpole…

## Timeline

- **2019-03-12 — Hearing…**: Hearing before the New Delhi Bench of…

## 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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