# In the matter of Universal Auto Components Pvt. Ltd. IA(IB)No. 444 & 445-KB-2020 in CP(IB)No. 764-KB-2019

> NCLT judgment dated 2020-03-13. Citation: TCN-2020-NCLT-01571. The case involves CP(IB)No.764/KB/2019, IA(IB)No.444/KB/2020, and IA(IB)No.445/KB/2020 before…

- **Court:** NCLT
- **Order date:** 13 Mar 2020
- **Citation:** TCN-2020-NCLT-01571
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/universal-auto-components-pvt-ltd-iaibno-444-445-kb-2020-in-cpibno-764-kb-2019-5b555550

## Summary

### Background

The case involves CP(IB)No.764/KB/2019, IA(IB)No.444/KB/2020, and IA(IB)No.445/KB/2020 before the National Company Law Tribunal (NCLT), Kolkata Bench. The matter pertains to Tirupati International Vs. Universal Auto Components Pvt. Ltd. IA(IB) 445/KB/20 is filed by the corporate debtor for disposal of CP on a ground of settlement.

## Facts

The case involves a corporate insolvency resolution process (CIRP) initiated against Universal Auto Components Pvt. Ltd. by Tirupati International. IA(IB) 445/KB/20 was filed by the corporate debtor seeking disposal of the CP based on a settlement reached between the parties. The court acknowledged the settlement and invoked Rule 11 of NCLT Rules. The corporate debtor was directed to deposit Rs. 50,000/- in the Escrow Account of the Registrar, NCLT, Kolkata Bench, and to pay the IRP fees. Upon compliance, the IAs and CP were disposed of, and the corporate debtor was released from CIRP.

## Issues and analysis

### Issue 1: Whether the application for disposal of CP based on settlement between the parties should be …

**Ratio:** Rule 11 of NCLT Rules allows the court to invoke its jurisdiction to address applications

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**Reasoning:** The court acknowledged the settlement reached between the parties and invoked its

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**Interpretation:** Rule 11 of NCLT Rules provides the NCLT with the authority to consider and act

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**Application:** The court applied Rule 11 of NCLT Rules to allow the application for disposal

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Tirupati Internati…
- **Respondents:** Universal Auto…

## Timeline

- **2019-01-01 — CP(IB) f…**: CP(IB)No.764/KB/2019…
- **2020-01-01 — IA(IB) f…**: IA(IB)No.444/KB/2020 and…

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