# In the matter of Amritsar MSW Ltd. IB-940-ND-2020

> NCLT judgment dated 2021-03-25. Citation: TCN-2021-NCLT-02568. The case involves a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC). A…

- **Court:** NCLT
- **Order date:** 25 Mar 2021
- **Citation:** TCN-2021-NCLT-02568
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/amritsar-msw-ltd-ib-940-nd-2020-7e0ab2bc

## Summary

### Background

The case involves a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC). A joint application has been filed under Rule 11 of the NCLT Rules, 2016, to record the terms of settlement between the parties.

## Facts

M/s. Shri Garuna Management Service Pvt. Ltd. filed a petition against M/s. Amritsar MSW Ltd. under Section 9 of the IBC. Both parties reached a settlement, and a joint application was filed under Rule 11 of the NCLT Rules, 2016, to record the settlement terms. The petition was subsequently disposed of based on these terms.

## Issues and analysis

### Issue 1: Whether the Section 9 petition should be disposed of based on the settlement terms agreed upon by …

**Ratio:** A petition can be disposed of based on a settlement agreement between the parties,

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**Reasoning:** The court considered the submissions of both parties' counsels and noted the contents of

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**Interpretation:** This aligns with the principle that parties are free to settle their disputes

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**Application:** Since both parties agreed to the settlement terms and filed a joint

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## Parties

- **Judges:** P.S.N. P…; K.K. V…
- **Appellants:** M/s. Shri Garuna…
- **Respondents:** M/s. Amritsar MSW…

## Timeline

- **2021-03-25 — Order Del…**: Order delivered on 25.03.2021…

## 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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