# In the matter of Autokast Ltd. IBA-71-2019

> NCLT judgment dated 2019-06-14. Citation: TCN-2019-NCLT-02879. The case involves a petition under the Insolvency and Bankruptcy Code (IBC). Both sides are…

- **Court:** NCLT
- **Order date:** 14 Jun 2019
- **Citation:** TCN-2019-NCLT-02879
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/autokast-ltd-iba-71-2019-07991459

## Summary

### Background

The case involves a petition under the Insolvency and Bankruptcy Code (IBC). Both sides are present and have filed 'Consent Terms,' which are placed on record. The schedule for payment is outlined in Para '4-a' of the Consent Terms. The first payment of Rs. 8,15,682/- has been made through a Demand Draft (DD) and handed over to the representative of the Operational Creditor. The Consent Terms are signed by both sides and their counsels.

## Facts

Foseco India Ltd filed a petition against Autokast Ltd. Both parties reached a settlement and filed 'Consent Terms'. The 'Consent Terms' outlined a payment schedule. The first payment of Rs. 8,15,682/- was made via Demand Draft to Foseco India Ltd. The court placed the 'Consent Terms' on record and disposed of the petition. Foseco India Ltd has the liberty to revive the petition if Autokast Ltd defaults on the payment schedule.

## Issues and analysis

### Issue 1: Whether the petition should be disposed of based …

**Ratio:** When parties reach a settlement and file 'Consent Terms', the court can dispose of the

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**Reasoning:** The court reasoned that since both parties had agreed to the 'Consent Terms' and the

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**Interpretation:** This reflects the court's willingness to facilitate settlements between parties

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**Application:** The court applied this principle by accepting the 'Consent Terms' and disposing

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Respondents:** AUTOKAS…
- **Advocates:** M. Ra…; G. RAMASUBR…; +2 more

## Timeline

- **2019-06-14 — Hearing…**: Hearing held on…
- **2019-06-14 — Consent Term…**: Both sides present and…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/autokast-ltd-iba-71-2019-07991459