# In the matter of TGB Realty Pvt. Ltd. (IB)-381(ND)-2019

> NCLT judgment dated 2019-10-18. Citation: TCN-2019-NCLT-00928. The case involves a corporate insolvency resolution process (CIRP) initiated against Ms.…

- **Court:** NCLT
- **Order date:** 18 Oct 2019
- **Citation:** TCN-2019-NCLT-00928
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tgb-realty-pvt-ltd-ib-381nd-2019-69a4f7b1

## Summary

### Background

The case involves a corporate insolvency resolution process (CIRP) initiated against Ms. Archana Narang V/s. M/s. TGB Realty Pvt. Ltd. An Interim Resolution Professional (IRP) was appointed on 2019-05-23. The proceedings were subsequently stayed by the Apex Court on 2019-06-11 due to multiple writ petitions filed by home buyers. The Corporate Debtor then proposed settling the claim of the petitioner.

## Facts

An IRP was appointed on 2019-05-23. The proceedings were stayed by the Apex Court on 2019-06-11 due to writ petitions filed by home buyers. The Corporate Debtor proposed settling the claim of the petitioner. A Demand Draft of Rs. 30,50,000/- was handed over to the financial creditor, who accepted it in full and final satisfaction. This amount included expenses incurred by the Financial Creditor towards the appointment of IRP. No COC was constituted due to the stay on proceedings. The petitioner relied on the 'Swiss Ribbons' case and requested termination of the CIRP.

## Issues and analysis

### Issue 1: Whether the CIRP can be terminated based on the settlement between the Corporate Debtor and the …

**Ratio:** The ratio is that if a financial creditor's claim is settled and the petitioner relies on

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**Reasoning:** The court reasoned that since the Corporate Debtor had settled the claim of the Financial

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**Interpretation:** The interpretation is that the settlement of a financial creditor's claim,

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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:** L. N. G…; Ina Mal…
- **Respondents:** M/s. TGB Realty…; Puneet Singh…

## Timeline

- **2019-05-23 — IRP Appoi…**: The IRP was appointed…
- **2019-06-11 — Stay Ord…**: The proceedings were stayed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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