# In the matter of Siddarth Organisation Ltd. IA No.164-JPR-2020 and IA No.104-JPR-2020 in CP No. IB-54-9-JPR-2018

> NCLT judgment dated 2020-07-22. Citation: TCN-2020-NCLT-00989. The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s…

- **Court:** NCLT
- **Order date:** 22 Jul 2020
- **Citation:** TCN-2020-NCLT-00989
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/siddarth-organisation-ltd-ia-no164-jpr-2020-and-ia-no104-jpr-2020-in-cp-no-ib-54-bf76c854

## Summary

### Background

The case involves a Corporate Insolvency Resolution Process (CIRP) initiated against M/s Siddarth Organisation Limited based on a petition filed by Mr. Vijay Kumar Todi, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was M/s Siddarth Organisation Limited. The CP was admitted on 13.02.2020, initiating CIR proceedings. Subsequently, Mr. Sandeep Kukkar, a suspended director of the Corporate Debtor, filed an appeal against the admission order before the NCLAT. The NCLAT disposed of the appeal, permitting the appellant to pursue the matter before the Adjudicating Authority regarding the withdrawal of the Section 9 application. The Adjudicating Authority was directed to seek a response from the IRP and decide on the

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## Facts

Mr. Vijay Kumar Todi, proprietor of M/s V One, filed CP No.(IB)-54/9/JPR/2018 against M/s Siddarth Organisation Limited, the Corporate Debtor, under Section 9 of the IBC, 2016, seeking initiation of CIR proceedings. The CP was admitted on 13.02.2020, initiating CIR proceedings against the Corporate Debtor. Mr. Sandeep Kukkar, a suspended director of the Corporate Debtor, filed Company Appeal (AT) (Ins) No.298 of 2020 before the NCLAT challenging the admission order. The NCLAT disposed of the appeal on 13.03.2020, directing the Adjudicating Authority to consider the withdrawal of the Section 9 application. The petitioner in the CP filed IA 104/2020 seeking withdrawal, stating that the matter had been settled. Ms. Anuradha Gupta, the Interim Resolution Professional,

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## Issues and analysis

### Issue 1: Whether the CP No.(IB)-54/9/JPR/2018 should be dismissed as withdrawn based on the settlement …

**Ratio:** The principle of settlement between parties in insolvency proceedings allows for the

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**Reasoning:** The court considered the settlement between the parties and the fact that no CoC had been

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**Interpretation:** The interpretation of the IBC allows for the withdrawal of applications under

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**Application:** In this case, the settlement between the Operational Creditor and the Corporate

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## Parties

- **Judges:** Ajay Kumar…; RAGHU N…; +1 more
- **Appellants:** Vijay Kuma…
- **Respondents:** Siddarth Organisat…

## Timeline

- **2018-09-01 — Filing o…**: CP No.(IB)-54/9/JPR/2018 was filed by Mr. Vijay Kumar Todi against M/s Siddarth…
- **2020-02-13 — Admission…**: The CP was admitted, and CIR proceedings were…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/siddarth-organisation-ltd-ia-no164-jpr-2020-and-ia-no104-jpr-2020-in-cp-no-ib-54-bf76c854