# In the matter of Sunbeam Dealers Pvt Ltd. CA(IB)No. 1303-KB-2019 in CP (IB) No. 63-KB-2019

> NCLT judgment dated 2019-10-14. Citation: TCN-2019-NCLT-01012. CA(IB) No. 1303/KB/2019 is an application filed by the Operational Creditor. The matter was…

- **Court:** NCLT
- **Order date:** 14 Oct 2019
- **Citation:** TCN-2019-NCLT-01012
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sunbeam-dealers-pvt-ltd-caibno-1303-kb-2019-in-cp-ib-no-63-kb-2019-3d920828

## Summary

### Background

CA(IB) No. 1303/KB/2019 is an application filed by the Operational Creditor. The matter was settled between the Operational Creditor and the Corporate Debtor. The CoC unanimously approved the decision for withdrawal by 100% vote share.

## Facts

The Operational Creditor filed an application CA(IB) No. 1303/KB/2019. The matter was settled between the Operational Creditor and the Corporate Debtor. The Committee of Creditors (CoC) unanimously approved the decision for withdrawal with a 100% vote share. The Interim Resolution Professional (IRP) confirmed that his fees and costs have been fully paid by the Operational Creditor, and no further amounts are owed to him. This settlement and payment of dues led to the application for withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CA(IB) No. 1303/KB/2019 should be allowed given the …

**Ratio:** When a settlement is reached between the Operational Creditor and the Corporate Debtor,

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**Reasoning:** The court reasoned that since the matter was settled, the CoC approved the withdrawal,

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**Interpretation:** This interpretation aligns with the principles of promoting settlements in

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**Application:** In this specific case, the settlement, CoC approval, and payment of IRP dues

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** KD Fabrics Pvt.…
- **Respondents:** Sunbeam Dealers…
- **Advocates:** SUBHASIS…

## Timeline

- **2019-10-14 — Hearing…**: Hearing held on October…

## 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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