# In the matter of A. Srinivasan Vs. PMI Engineering Exports Pvt. Ltd. CA(AT)(Ins) No. 45 of 2020

> NCLAT judgment dated 2020-02-11. Citation: TCN-2020-NCLAT-00413. The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT)…

- **Court:** NCLAT
- **Order date:** 11 Feb 2020
- **Citation:** TCN-2020-NCLAT-00413
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/a-srinivasan-vs-pmi-engineering-exports-pvt-ltd-ca-211af96a

## Summary

### Background

The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT) concerning an insolvency matter. A Memorandum of Understanding (MoU) dated February 7, 2020, was arrived at between the parties. The factum of the MoU is recorded by the appellate tribunal.

## Facts

A. Srinivasan filed an appeal against PMI Engineering Exports Pvt. Ltd. before the National Company Law Appellate Tribunal (NCLAT). A Memorandum of Understanding (MoU) dated February 7, 2020, was agreed upon between the parties. The existence of this MoU is undisputed. The Appellate Tribunal considered this MoU and disposed of the appeal without imposing any costs. The appellant, A. Srinivasan, is granted the liberty to file an application under Section 12A of the Insolvency and Bankruptcy Code, 2016. Until the Section 12A application is filed, the Committee of Creditors will not be constituted by the Interim Resolution Professional. This suggests the parties are attempting to settle the matter out of court.

## Issues and analysis

### Issue 1: Whether the existence of a Memorandum of Understanding between the parties warrants the disposal of …

**Ratio:** The existence of a mutually agreed upon Memorandum of Understanding (MoU) can serve as a

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**Reasoning:** The court reasoned that since both parties had arrived at a Memorandum of Understanding,

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**Interpretation:** The interpretation is that a recorded and undisputed MoU signifies a

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**Application:** In this case, the court applied the ratio by acknowledging the MoU dated

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## Parties

- **Judges:** Venugop…; V. P. S…
- **Appellants:** A. Srini…
- **Respondents:** PMI Engineering…

## Timeline

- **2020-02-07 — Memorandum of…**: A Memorandum of Understanding was…
- **2020-02-11 — Order Da…**: The Appellate Tribunal heard both sides and disposed of the appeal, granting liberty to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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