# In the matter of VUClip (India) Pvt. Ltd. C.P.(IB)-4015(MB)-2018

> NCLT judgment dated 2021-01-05. Citation: TCN-2021-NCLT-03403. The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated under Section 9…

- **Court:** NCLT
- **Order date:** 5 Jan 2021
- **Citation:** TCN-2021-NCLT-03403
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vuclip-india-pvt-ltd-cpib-4015mb-2018-543c6da7

## Summary

### Background

The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor filed a petition, which was registered as CP(IB)-4015(MB)/2018. The Operational Creditor's advocate appeared, as did the Corporate Debtor's counsel via virtual hearing.

## Facts

The Operational Creditor, represented by Ld. Advocate Ms. Payoja Gandhi, initiated a Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, VU Clip (India) Pvt Ltd. Ld. Counsel Ms. Preeta Panthaki appeared for the Corporate Debtor via virtual hearing. The Operational Creditor's advocate submitted an affidavit confirming that the full and final amount had been received from the Corporate Debtor. Additionally, an affidavit for unconditional withdrawal of the CP(IB)-4015(MB)/2018 was filed. The court took both the submissions of the counsels and the affidavit on record.

## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) application CP(IB)-4015(MB)/2018 should …

**Ratio:** The legal principle applied here is that if the Operational Creditor confirms receipt of

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**Reasoning:** The court reasoned that since the Operational Creditor had received the full and final

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**Interpretation:** This reflects the interpretation that the IBC aims to resolve insolvency issues

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**Application:** In this specific case, the Operational Creditor confirmed receipt of the full

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## Parties

- **Judges:** Harihar Prakash…; RavikumarDu…
- **Appellants:** ADOF Game…
- **Respondents:** VU Clip (India)…

## Timeline

- **2021-01-05 — Order Da…**: Order sheet of the hearing of Mumbai Bench…

## 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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