# In the matter of EMD Scaffolding India Pvt. Ltd. IA-952-ND-2022 in IB-2781-ND-2019

> NCLT judgment dated 2022-03-07. Citation: TCN-2022-NCLT-03877. The case involves M/s Vortex Impex Pvt Ltd as the applicant and EMD Scaffolding India Pvt Ltd…

- **Court:** NCLT
- **Order date:** 7 Mar 2022
- **Citation:** TCN-2022-NCLT-03877
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/emd-scaffolding-india-pvt-ltd-ia-952-nd-2022-in-ib-2781-nd-2019-ab605c5a

## Summary

### Background

The case involves M/s Vortex Impex Pvt Ltd as the applicant and EMD Scaffolding India Pvt Ltd as the respondent. The matter was brought before the National Company Law Tribunal (NCLT), New Delhi, under Section 9 of the Insolvency and Bankruptcy Code (IBC).

## Facts

M/s Vortex Impex Pvt Ltd initiated proceedings against EMD Scaffolding India Pvt Ltd under Section 9 of the IBC. During the proceedings, the IRP's counsel informed the court that the matter had been settled, and all dues had been received, with no outstanding amounts against the Operational Creditor or Corporate Debtor. Consequently, the Committee of Creditors (CoC) was not constituted. Given the settlement, IA No. 952/ND/2022 was allowed, and the main petition IB-2781/ND/2019 was dismissed as withdrawn. The CIRP proceedings initiated against the Corporate Debtor were terminated. This indicates a resolution between the parties leading to the closure of the insolvency proceedings.

## Issues and analysis

### Issue 1: Whether IA No. 952/ND/2022 should be allowed given the settlement and receipt of dues as stated by …

**Ratio:** When a matter is settled, and all dues are received, the court may allow the application

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**Reasoning:** The IRP's counsel stated that the matter had been settled and all dues had been received.

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**Interpretation:** The court interprets the settlement and receipt of dues as a resolution of the

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**Application:** Given the IRP's statement, the court applied the principle of settlement and

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## Parties

- **Judges:** DHARMINDER…; SUMITA PURK…; +1 more
- **Appellants:** M/s Vortex Impex…
- **Respondents:** EMD Scaffolding…

## Timeline

- **N/A — Initiation of…**: M/s Vortex Impex Pvt Ltd initiated proceedings against EMD Scaffolding India Pvt Ltd…
- **2022-03-07 — Order Del…**: NCLT allows IA No. 952/ND/2022, dismisses IB-2781/ND/2019, and terminates CIRP…

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