# In the matter of Shivantika Bon Voyage Pvt. Ltd. IA-2488,3505,3506 & 3582-2020 in IB-1937-ND-2019

> NCLT judgment dated 2020-09-15. Citation: TCN-2020-NCLT-00628. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Shivantika…

- **Court:** NCLT
- **Order date:** 15 Sept 2020
- **Citation:** TCN-2020-NCLT-00628
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shivantika-bon-voyage-pvt-ltd-ia-248835053506-3582-2020-in-ib-1937-nd-2019-29dd7a7f

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against Shivantika Bon Voyage Pvt. Ltd. based on an application filed by Tek Travels Pvt. Ltd. under Section 9 of the IBC. An Interim Resolution Professional (IRP) was appointed, and the Operational Creditor (OC) was directed to deposit Rs. 1,00,000 to cover immediate expenses. The IRP made a public announcement and communicated with the OC and the suspended board of directors. The IRP filed applications for termination of CIRP and withdrawal of the company petition due to a settlement between the parties. Several IAs were filed related to the termination of CIRP, settlement agreement, and fee of the IRP.

## Facts

Tek Travels Pvt. Ltd. initiated CIRP against Shivantika Bon Voyage Pvt. Ltd. under Section 9 of IBC. The IRP was appointed and directed the OC to deposit Rs. 1,00,000. The IRP made a public announcement and communicated with the OC and the suspended board. The OC filed Form FA for withdrawal of CIRP based on a settlement. The IRP filed applications for termination of CIRP and withdrawal of the company petition. The OC deposited Rs. 1,00,000. The IRP constituted the CoC despite ongoing settlement talks. The Adjudicating Authority restrained the IRP from conducting a CoC meeting. The Corporate Debtor filed applications for termination of CIRP and reduction of the amount paid to the IRP. The IRP claimed expenses and fees, including advocate fees. The principal debt was

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## Issues and analysis

### Issue 1: Whether the CIRP should be terminated and the company petition withdrawn based on the settlement …

**Ratio:** Section 12A of the IBC and Regulation 30A of the IBBI (Insolvency Resolution Process for

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**Reasoning:** The Adjudicating Authority considered the Form FA submitted by the OC, the settlement

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**Interpretation:** Section 12A and Regulation 30A provide a mechanism for terminating CIRP

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**Application:** The court applied Section 12A and Regulation 30A to the facts, finding that the

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** Tek Travels Pvt.…
- **Respondents:** Shivantika Bon…

## Timeline

- **2020-06-12 — CIRP Init…**: CIRP initiated against…
- **2020-06-15 — IRP Appoi…**: IRP informed of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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