# In the matter of Solar Print Process Pvt. Ltd. IA-5855,5769 & 5867-ND-2021 in IB-3239-ND-2019

> NCLT judgment dated 2022-01-06. Citation: TCN-2022-NCLT-04525. The case involves an application IA-5769/ND/2021 before the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 6 Jan 2022
- **Citation:** TCN-2022-NCLT-04525
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/solar-print-process-pvt-ltd-ia-58555769-5867-nd-2021-in-ib-3239-nd-2019-44382ecf

## Summary

### Background

The case involves an application IA-5769/ND/2021 before the National Company Law Tribunal (NCLT), New Delhi. The IRP stated that the matter has been settled, and no Committee of Creditors (CoC) was constituted as per the order dated 22.12.2021, which directed the IRP not to proceed further. The settlement involved the receipt of Rs. 15 lakhs. The counsel for the IRP stated that the IRP received the entire expenses and has nothing due against the Operational Creditor or the Respondent.

## Facts

M/s Viorp Interior initiated proceedings against M/s Solar Print Process Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Interim Resolution Professional (IRP) reported that a settlement had been reached between the parties. No Committee of Creditors (CoC) was formed because the settlement occurred early in the process. The IRP confirmed receiving Rs. 15 lakhs and all expenses. The NCLT considered the settlement and the fact that no CoC was constituted. The relevance of the settlement is that it allows for the resolution of the insolvency proceedings without the need for a full CIRP. The fact that no CoC was formed simplifies the process and reduces costs.

## Issues and analysis

### Issue 1: Whether the application IA-5769/ND/2021 should be accepted given the settlement between the parties …

**Ratio:** A settlement between parties in insolvency proceedings, especially before the

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**Reasoning:** The court reasoned that since the matter has been settled between the parties and no CoC

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**Interpretation:** This interpretation emphasizes the importance of facilitating settlements in

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**Application:** In this case, the IRP reported a settlement, confirmed the receipt of funds,

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## Parties

- **Judges:** DHARMINDER…; SUMITA PURK…; +1 more
- **Appellants:** M/s Viorp I…
- **Respondents:** M/s Solar Print…

## Timeline

- **2021-12-22 — Order Da…**: Order issued directing IRP…
- **2022-01-06 — Order Del…**: Order delivered accepting the settlement…

## 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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