# In the matter of AKMB Projects Private Limited C.P. (IB)-275(KB)2021

> NCLT judgment dated 2021-11-30. Citation: TCN-2021-NCLT-00346. The case involves a dispute between Matrix Infra Global Engineering Private Limited and AKMB…

- **Court:** NCLT
- **Order date:** 30 Nov 2021
- **Citation:** TCN-2021-NCLT-00346
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akmb-projects-private-limited-cp-ib-275kb2021-83a7af55

## Summary

### Background

The case involves a dispute between Matrix Infra Global Engineering Private Limited and AKMB Projects Private Limited. A joint memo of settlement dated 2021-11-10 was placed before the court, indicating that the parties had agreed to settle their disputes. The joint memo was taken on record, along with minutes and a letter both dated 2021-10-26, issued by the Corporate Debtor in favor of the Operational Creditor.

## Facts

Matrix Infra Global Engineering Private Limited and AKMB Projects Private Limited were involved in a dispute. A joint memo of settlement dated 2021-11-10 was presented to the court, indicating that both parties had agreed to settle the dispute. The Corporate Debtor issued minutes and a letter, both dated 2021-10-26, in favor of the Operational Creditor. Counsel for the Operational Creditor was present, but no representation was made on behalf of the Corporate Debtor. The joint memo was taken on record, and the court dismissed the case CP(IB) 275/KB/2021. The Operational Creditor was granted the liberty to revive the Company Petition if a default occurs.

## Issues and analysis

### Issue 1: Whether the joint memo of settlement between the parties warrants the dismissal of the case CP(IB) …

**Ratio:** When parties to a dispute reach a settlement and present a joint memo to the court, the

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**Reasoning:** The court reasoned that the parties had agreed to settle their disputes, as evidenced by

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**Interpretation:** The interpretation is that a valid settlement agreement between parties is a

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**Application:** The court applied this principle by dismissing CP(IB) 275/KB/2021 after the

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** AKMB PROJECTS…

## Timeline

- **2021-11-10 — Joint Memo of S…**: A joint memo of settlement was dated 2021-11-10, indicating that the parties had agreed…
- **2021-10-26 — Minutes and Letter from…**: Minutes and a letter, both dated 2021-10-26, were issued by the Corporate Debtor in favor…

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