# In the matter of Novus green Energy Systems ltd. IA(IBC)555-2022 in CP(IB) 419-9-HBD-2020

> NCLT judgment dated 2022-06-13. Citation: TCN-2022-NCLT-02250. The case involves an application (IA(IBC)555/2022) filed in connection with a Corporate…

- **Court:** NCLT
- **Order date:** 13 Jun 2022
- **Citation:** TCN-2022-NCLT-02250
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/novus-green-energy-systems-ltd-iaibc555-2022-in-cpib-419-9-hbd-2020-78c1b543

## Summary

### Background

The case involves an application (IA(IBC)555/2022) filed in connection with a Corporate Insolvency Resolution Process (CIRP) initiated against Novus Green Energy Systems Ltd. The CIRP was ordered in CP(IB) 419/9/HBD/2020. The applicant, presumably the Interim Resolution Professional (IRP), sought leave of the Tribunal to withdraw the CIRP. The basis for the withdrawal was a settlement reached between the parties, evidenced by a Memorandum of Compromise dated 2022-06-10.

## Facts

Saiteja Constructions initiated a Corporate Insolvency Resolution Process (CIRP) against Novus Green Energy Systems Ltd. The CIRP was ordered against Novus Green Energy Systems Ltd. via an order dated 2022-05-13. Subsequently, the parties reached a settlement, documented in a Memorandum of Compromise dated 2022-06-10. The Interim Resolution Professional (IRP) then filed IA(IBC) No.555 of 2022 seeking leave to withdraw the CIRP based on this settlement. The court considered the settlement and the submissions of the IRP and the petitioner's counsel, who stated that the matter had been settled amicably. The key fact is the settlement reached between the parties, which formed the basis for the withdrawal application.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant leave to withdraw the Corporate Insolvency Resolution Process …

**Ratio:** A Corporate Insolvency Resolution Process (CIRP) can be withdrawn if the parties involved

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**Reasoning:** The court perused the record and was satisfied with the reasons furnished in the

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**Interpretation:** This case interprets the provisions of the Insolvency and Bankruptcy Code (IBC)

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Saiteja Constructi…
- **Respondents:** Novus Green…

## Timeline

- **2022-05-13 — Order for…**: Corporate Insolvency Resolution Process (CIRP)…
- **2022-06-10 — Memorandum of C…**: Parties entered into a…

## 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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