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

> NCLT judgment dated 2021-11-30. Citation: TCN-2021-NCLT-00338. 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-00338
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akmb-projects-private-limited-cp-ib-275kb2021-cc3a08d9

## 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 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 submitted to the court, indicating that the parties had agreed to settle the disputes amongst themselves. The Corporate Debtor issued minutes and a letter dated 2021-10-26 in favor of the Operational Creditor. The Operational Creditor's counsel did not provide attendance through WhatsApp. The court dismissed the case CP(IB) 275/KB/2021 based on the settlement. The Operational Creditor was granted liberty to revive the Company Petition if a default occurs.

## Issues and analysis

### Issue 1: Whether the joint memo of settlement submitted by the parties should be taken on record and acted …

**Ratio:** When parties to a dispute reach a settlement, courts generally recognize and enforce such

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**Reasoning:** The court acknowledged the joint memo of settlement as evidence that the parties had

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**Interpretation:** The interpretation of settlement agreements involves determining the intent of

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**Application:** The court applied the ratio by taking the joint memo on record, indicating its

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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 and placed before the court, indicating…
- **2021-10-26 — Minutes and Letter from…**: Minutes and a letter dated 2021-10-26 were issued by the Corporate Debtor in favor of the…

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