# In the matter of Corrosion Engineers Pvt. Ltd. CP No. (IB) 64-ALD-2021

> NCLT judgment dated 2022-04-25. Citation: TCN-2022-NCLT-04910. The case pertains to CP No. (IB) 64/ALD/2021 filed under Section 7 of the IBC.

- **Court:** NCLT
- **Order date:** 25 Apr 2022
- **Citation:** TCN-2022-NCLT-04910
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/corrosion-engineers-pvt-ltd-cp-no-ib-64-ald-2021-2a33c10e

## Summary

### Background

The case pertains to CP No. (IB) 64/ALD/2021 filed under Section 7 of the IBC.

## Facts

CP No. (IB) 64/ALD/2021 was filed under Section 7 of the IBC.

The hearing took place on April 25th, 2022.

Counsel appeared through video conferencing.

A settlement was reached out of court between the parties.

The Corporate Debtor is Ex-parte v.o.d. 22/11/2021

The case was dismissed as withdrawn due to the settlement.

## Issues and analysis

### Issue 1: Whether the settlement reached out of …

**Ratio:** When parties report a settlement, the

…

**Reasoning:** The court acknowledged the

…

**Interpretation:** Out-of-court settlements are recognized and can lead to the termination of

…

**Application:** The tribunal dismissed the case

…

## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Appellants:** Balraj R…
- **Respondents:** Corrosion…
- **Advocates:** Deepak M…; Udai Cha…

## Timeline

- **2022-04-25 — Hearing…**: Hearing held on April…
- **2021-11-22 — Corporate Debtor…**: Corporate Debtor is…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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