# In the matter of R. K. Nirman Pvt. Ltd. C.P. (IB)-756(KB)2020

> NCLT judgment dated 2022-05-06. Citation: TCN-2022-NCLT-02843. The case involves an application filed by the Interim Resolution Professional (IRP) appointed…

- **Court:** NCLT
- **Order date:** 6 May 2022
- **Citation:** TCN-2022-NCLT-02843
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/r-k-nirman-pvt-ltd-cp-ib-756kb2020-5f6698aa

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) appointed in CP(IB)/756(KB)2020, which was admitted on 2022-03-11, initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, R. K. Nirman Pvt. Ltd. The IRP submitted that a public announcement had been made on 2022-03-14. However, the matter has been settled between the Financial Creditor and the Corporate Debtor, and a Memorandum of Understanding (MOU) has been filed.

## Facts

An application was filed by the IRP appointed in CP(IB)/756(KB)2020, which was admitted on 2022-03-11, initiating CIRP against R. K. Nirman Pvt. Ltd. The IRP made a public announcement on 2022-03-14. Subsequently, the Financial Creditor and the Corporate Debtor reached a settlement, and a Memorandum of Understanding (MOU) was filed. The IRP's fees and expenses have been paid. IA(IBC)/398(KB)2022 was also considered. The key fact is the settlement between the parties, leading to the request for withdrawal of the CIRP.

## Issues and analysis

### Issue 1: Whether the CP(IB)/756(KB)2020 can be withdrawn in …

**Ratio:** The principle is that if the parties have settled the matter, the court can allow the

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**Reasoning:** The court considered the settlement between the Financial Creditor and the Corporate

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**Interpretation:** This interprets the provisions of the IBC to allow for withdrawal of CIRP

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**Application:** The court applied this principle to the specific facts, where the parties had

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## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Respondents:** R. K. NIRMAN PVT.…

## Timeline

- **2020-01-01 — CP(IB)/756(KB)2020…**: CP(IB)/756(KB)2020 was…
- **2022-03-11 — Admission of CP(IB)/756(…**: CP(IB)/756(KB)2020 was admitted,…

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