# In the matter of Tafcon Projects (India) Pvt. Ltd. & Ors. (IB)-316(ND)-2018

> NCLT judgment dated 2018-12-13. Citation: TCN-2018-NCLT-00091. The case involves an application (CA 874/2018) filed by the Resolution Professional (RP) to…

- **Court:** NCLT
- **Order date:** 13 Dec 2018
- **Citation:** TCN-2018-NCLT-00091
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tafcon-projects-india-pvt-ltd-ors-ib-316nd-2018-d070ef96

## Summary

### Background

The case involves an application (CA 874/2018) filed by the Resolution Professional (RP) to record the resolution passed by the Committee of Creditors (COC) for terminating the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The COC has only 3 members, and the decision to terminate the CIRP was unanimously approved. Form FA has also been filed pursuant to the resolution.

## Facts

The Resolution Professional (RP) filed CA 874/2018 to record the resolution passed by the Committee of Creditors (COC) for terminating the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor. The COC consists of only 3 members. The decision to terminate the CIRP was unanimously approved by all 3 members of the COC. Form FA was filed pursuant to the resolution. The RP's application was based on the COC's decision to terminate the CIRP. The relevance of these facts lies in demonstrating the COC's decision-making process and the procedural steps taken to terminate the CIRP.

## Issues and analysis

### Issue 1: Whether the application to terminate the CIR process should be allowed based on the resolution …

**Ratio:** The decision of the COC holds significant weight in determining the continuation or

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**Reasoning:** The court reasoned that the COC, having unanimously approved the termination of the CIRP

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**Interpretation:** This legal issue involves interpreting the powers and responsibilities of the

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** DeepaKr…; Ina Mal…
- **Appellants:** Pooja Kapoor &…
- **Respondents:** Tafcon Projects…

## Timeline

- **2018-12-13 — Hearing…**: Hearing before the New Delhi Bench of…
- **2018-01-01 — Filing of CA…**: CA 874/2018 filed by the RP to record the…

## 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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