# In the matter of  Supreme Concrete and Infrastructure Pvt. Ltd. TP No.09-CTB-2019, IA No. 174-CTB-2019 in CP (IB) No. 1538-KB-2018

> NCLT judgment dated 2019-12-04. Citation: TCN-2019-NCLT-00330. The Operational Creditor filed IA No. 174/CTB/2019, seeking admission of their CIR process,…

- **Court:** NCLT
- **Order date:** 4 Dec 2019
- **Citation:** TCN-2019-NCLT-00330
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/supreme-concrete-and-infrastructure-pvt-ltd-tp-no09-ctb-2019-ia-no-174-ctb-2019-2920dd76

## Summary

### Background

The Operational Creditor filed IA No. 174/CTB/2019, seeking admission of their CIR process, which was initiated on 19.11.2019. The Operational Creditor has filed an application for withdrawal of TP No. 09/CTB/2019 in CP(IB) No. 1538/KB/2018.

## Facts

The Operational Creditor initiated a CIR process and filed IA No. 174/CTB/2019 seeking its admission. Subsequently, the Operational Creditor filed an application for withdrawal of TP No. 09/CTB/2019 in CP(IB) No. 1538/KB/2018. The Corporate Debtor, Operational Creditor, and RP submitted that no COC had been constituted. The court relied on the decision in 'Swiss Ribbons Pvt. Ltd. & Anr. Vs. Union of India & Ors.', W.P.(C) 99/2018. The key fact is that the COC was not constituted, leading to the termination of the CIR process.

## Issues and analysis

### Issue 1: Whether the CIR process can be terminated prior to the constitution of the COC based on a …

**Ratio:** The CIR process can be terminated prior to the constitution of the COC on a compromise

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**Reasoning:** The court accepted the submission that no COC had been constituted and relied on the

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**Interpretation:** This interpretation allows for the termination of the CIR process before the

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**Application:** In this case, since no COC was formed and the parties agreed to a compromise,

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## Parties

- **Judges:** Sucharitha…; Satya Ranjan…
- **Appellants:** M/s Robo Silicon…
- **Respondents:** M/s Supreme…

## Timeline

- **2019-11-19 — Initiation of CIR…**: CIR process was initiated on admission of…
- **2019-12-04 — Hearing…**: Hearing held on 4th…

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