# In the matter of VRX Hospitality Service Pvt. Ltd. IA-360(AHM)2021 in CP(IB) 437 of 2019

> NCLT judgment dated 2021-06-08. Citation: TCN-2021-NCLT-02005. IA No. 360 of 2021 was filed by the Corporate Debtor for the disposal of the main CP, citing…

- **Court:** NCLT
- **Order date:** 8 Jun 2021
- **Citation:** TCN-2021-NCLT-02005
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vrx-hospitality-service-pvt-ltd-ia-360ahm2021-in-cpib-437-of-2019-935bf186

## Summary

### Background

IA No. 360 of 2021 was filed by the Corporate Debtor for the disposal of the main CP, citing the settlement of the dispute. The CoC, in its meeting on 2021-05-25, passed a resolution with 100% vote approving the withdrawal. The RP was also heard online.

## Facts

IA No. 360 of 2021 was filed by the Corporate Debtor seeking disposal of the main CP due to the settlement of the dispute. The Committee of Creditors (CoC) convened on 2021-05-25 and unanimously (100% vote) passed a resolution approving the withdrawal of the corporate insolvency resolution process. The Resolution Professional (RP) was present online during the proceedings. The parties involved had reached a settlement, leading to the application for disposal. The court considered the settlement and the CoC's approval. The key fact is the settlement of the dispute between the parties, leading to the application for withdrawal and the CoC's approval of the same.

## Issues and analysis

### Issue 1: Whether IA No. 360 of 2021 should be allowed, and the main matter disposed of, given the settlement …

**Ratio:** When parties to a corporate insolvency resolution process settle their disputes and the

…

**Reasoning:** The court reasoned that since the parties had settled the dispute and the CoC had

…

**Interpretation:** This legal issue involves the interpretation of the Insolvency and Bankruptcy

…

**Application:** In this specific case, the ratio and reasoning were applied to the facts that

…

## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Respondents:** VRX Hospitality…; Care Global…

## Timeline

- **2021-05-25 — CoC Meet…**: The Committee of Creditors (CoC) passed a resolution with 100% vote approving the…
- **2021-06-08 — Order Da…**: The court allowed IA No. 360 of 2021…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/vrx-hospitality-service-pvt-ltd-ia-360ahm2021-in-cpib-437-of-2019-935bf186