# In the matter of Kanodia Technoplast Limited IA-1148-ND-2022 in IB-548-ND-2020

> NCLT judgment dated 2022-03-16. Citation: TCN-2022-NCLT-03698. R.R. Distributors Private Limited, the operational creditor, filed an application (IB No.…

- **Court:** NCLT
- **Order date:** 16 Mar 2022
- **Citation:** TCN-2022-NCLT-03698
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kanodia-technoplast-limited-ia-1148-nd-2022-in-ib-548-nd-2020-bca22d6c

## Summary

### Background

R.R. Distributors Private Limited, the operational creditor, filed an application (IB No. 548/ND/2020) under Section 9 of the Insolvency and Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Knodia Technoplast Limited, the corporate debtor. The application was admitted on 08.03.2022, imposing a moratorium under Section 14 of the IBC, and Mr. Navjit Singh was appointed as the Interim Resolution Professional (IRP).

## Facts

R.R. Distributors Private Limited, the operational creditor, initiated CIRP against Knodia Technoplast Limited, the corporate debtor, by filing IB No. 548/ND/2020 under Section 9 of the IBC. The CIRP was admitted on 08.03.2022, and a moratorium was imposed. Subsequently, the operational creditor and the corporate debtor reached an amicable settlement on 09.03.2022, where the corporate debtor satisfied all claims of the operational creditor. As per the settlement, the applicants agreed to prefer the application seeking withdrawal of CP No.548/ND/2020. The present application is preferred under Rule 11 praying for withdrawal/ terminating the CIRP in the matter of Corporate debtor/applicant-2 vide order dated 08.03.2022 and that the parties in order to minimise the

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the CIRP under Rule 11 of NCLT Rules, 2016, can be …

**Ratio:** The ratio is based on the principle that if the operational creditor and the corporate

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**Reasoning:** The court reasoned that since the parties had reached an amicable settlement, and the

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**Interpretation:** The interpretation is that Rule 11 of NCLT Rules, 2016, provides the

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**Application:** In this case, the operational creditor and the corporate debtor reached an

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## Parties

- **Judges:** DHARMINDER…; SUMITA PURK…; +1 more
- **Appellants:** R.R. Distributers…
- **Respondents:** Knodia Technoplast…; Navjit…

## Timeline

- **2020-01-01 — Filing of App…**: R.R. Distributors Private Limited filed an application (IB No. 548/ND/2020) under Section…
- **2022-03-08 — Admission o…**: The NCLT admitted the application, imposed a moratorium, and appointed Mr. Navjit Singh…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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