# In the matter of Futuretech Instruments Pvt. Ltd. IA(IBC) 272-2022 in CP(IB) No. 349-9-HDB-2020

> NCLT judgment dated 2022-03-23. Citation: TCN-2022-NCLT-03593. The case involves an application under the Insolvency and Bankruptcy Code (IBC). The IRP…

- **Court:** NCLT
- **Order date:** 23 Mar 2022
- **Citation:** TCN-2022-NCLT-03593
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/futuretech-instruments-pvt-ltd-iaibc-272-2022-in-cpib-no-349-9-hdb-2020-65de403d

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). The IRP (Interim Resolution Professional) has received two claims pursuant to a public announcement. The promoter of the Corporate Debtor has undertaken to make payments of the claims received pursuant to the public announcement made by the IRP.

## Facts

The Interim Resolution Professional (IRP) received two claims following a public announcement. The promoter of Futuretech Instruments Pvt Ltd, the Corporate Debtor, committed via a letter dated 2022-03-15 to settle the claims received after the IRP's public announcement on 2022-03-03. The IRP is instructed to notify Seashells Logistics Pvt Ltd, the Operational Creditor, by providing a copy of the 2022-03-15 letter, allowing them to pursue legal remedies. The petition was allowed, discharging Futuretech Instruments Pvt Ltd from the IBC's restrictions, granting them the freedom to operate under their own directors.

## Issues and analysis

### Issue 1: Whether the petition should be allowed based on the IRP's submission and the Corporate Debtor's …

**Ratio:** The court has the discretion to allow a petition based on the circumstances presented,

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**Reasoning:** The court considered the IRP's submission that claims had been received and the

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**Interpretation:** This demonstrates the court's willingness to facilitate resolution and

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**Application:** Given the IRP's submission and the Corporate Debtor's undertaking, the court

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Seashells…
- **Respondents:** Futuretech…

## Timeline

- **2022-03-23 — Hearing…**: Hearing held on 23-03-2022 at 10:30…
- **2022-03-15 — Letter D…**: Letter dated 15.03.2022 from the promoter of the Corporate Debtor undertaking to make…

## 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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