# In the matter of Raasi Refractories Ltd. IA(IBC) 201-2022 in CP(IB) No. 441-9-HDB-2020

> NCLT judgment dated 2022-03-07. Citation: TCN-2022-NCLT-03875. The case involves an application IA(IBC) 201/2022 in relation to CP(IB) No.441/9/HDB/2020 under…

- **Court:** NCLT
- **Order date:** 7 Mar 2022
- **Citation:** TCN-2022-NCLT-03875
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/raasi-refractories-ltd-iaibc-201-2022-in-cpib-no-441-9-hdb-2020-5e8158e1

## Summary

### Background

The case involves an application IA(IBC) 201/2022 in relation to CP(IB) No.441/9/HDB/2020 under Section 9 of the IBC, 2016. The Tribunal had previously ordered Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, Raasi Refractories Ltd. However, the operational creditor, Global Monarch FZC, subsequently settled the dispute with the corporate debtor, and Form A was filed by the Resolution Professional.

## Facts

Global Monarch FZC, an operational creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Raasi Refractories Ltd, the corporate debtor. The Tribunal ordered CIRP against the corporate debtor. Subsequently, Global Monarch FZC and Raasi Refractories Ltd settled their dispute. Form A, indicating the settlement, was filed by the Resolution Professional. The present application, IA(IBC) 201/2022, sought the withdrawal of the CIRP based on the settlement. The key fact is the settlement between the operational creditor and the corporate debtor after the CIRP had been initiated, leading to the application for withdrawal.

## Issues and analysis

### Issue 1: Whether the settlement between the operational creditor and the corporate debtor after the …

**Ratio:** A settlement between the operational creditor and the corporate debtor, especially when

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**Reasoning:** The Tribunal reasoned that since the operational creditor and the corporate debtor had

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**Interpretation:** The interpretation is that the IBC allows for the withdrawal of CIRP if the

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**Application:** In this specific case, the settlement between Global Monarch FZC and Raasi

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Global Mona…
- **Respondents:** Raasi Refractories…

## Timeline

- **2020-01-01 — CP(IB) F…**: CP(IB) No.441/9/HDB/2020…
- **2022-03-07 — Hearing…**: Hearing held on 07-03-2022 at 10:30…

## 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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