# In the matter of Atithi Builder and Constructors Pvt.  Ltd. CP(IB)-954-MB-2020

> NCLT judgment dated 2021-07-27. Citation: TCN-2021-NCLT-01595. The case involves a Company Petition where the matter was amicably settled between the parties.…

- **Court:** NCLT
- **Order date:** 27 Jul 2021
- **Citation:** TCN-2021-NCLT-01595
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/atithi-builder-and-constructors-pvt-ltd-cpib-954-mb-2020-b7200dde

## Summary

### Background

The case involves a Company Petition where the matter was amicably settled between the parties. The consent terms were drawn, and the respondent agreed to pay approximately Rs. 40 crores as full and final settlement in different tranches. A withdrawal memo was filed seeking withdrawal of the Company Petition.

## Facts

The key facts are that Indian Property Trust filed a Company Petition against Atithi Builder and Constructors Pvt Ltd. The parties reached an amicable settlement where Atithi Builder agreed to pay approximately Rs. 40 crores to Indian Property Trust as full and final settlement in different tranches. As a result of the settlement, Indian Property Trust filed a withdrawal memo seeking to withdraw the Company Petition. The relevance of these facts is that they form the basis for the court's decision to dismiss the petition.

## Issues and analysis

### Issue 1: Whether the Company Petition CP(IB)/954/MB/2020 should be dismissed based on the amicable …

**Ratio:** When parties to a legal dispute reach an amicable settlement and the petitioner seeks to

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**Reasoning:** The court reasoned that since the parties had settled the matter amicably and the

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**Interpretation:** This legal issue involves the interpretation of the principles of settlement

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**Application:** In this case, the ratio and reasoning were applied to the specific facts where

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## Parties

- **Judges:** SH. SHYAM BABU…; SUCHITRAKAN…
- **Appellants:** Indian Property…
- **Respondents:** Atithi Builder…

## Timeline

- **2021-07-27 — Hearing of Mum…**: The hearing took place at the Mumbai Bench…
- **2021-07-27 — Order Is…**: The court dismissed CP(IB)/954/MB/2020 as not pressed due to the amicable settlement…

## 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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