# In the matter of Bhoruka Power Corporation Ltd. I.A. No. 354 of 2018 in C.P. (IB) No. 65-BB-2018

> NCLT judgment dated 2018-12-18. Citation: TCN-2018-NCLT-00057. The case involves a dispute between M/s. Hind Filters Ltd. (Applicant/Petitioner) and M/s.…

- **Court:** NCLT
- **Order date:** 18 Dec 2018
- **Citation:** TCN-2018-NCLT-00057
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhoruka-power-corporation-ltd-ia-no-354-of-2018-in-cp-ib-no-65-bb-2018-a03ed8d2

## Summary

### Background

The case involves a dispute between M/s. Hind Filters Ltd. (Applicant/Petitioner) and M/s. Bhoruka Power Corporation Ltd. (Respondent) regarding an Inter-Corporate loan. Bhoruka Power Corporation approached Hind Filters through an agent, Kumar Brothers, to secure a loan of Rs. 3,00,00,000. Bhoruka received Rs. 2,00,00,000 on 2017-04-03 and Rs. 1,00,00,000 on 2017-04-17 but defaulted on repayment. Hind Filters filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Bhoruka. On 2018-05-11, a compromise petition was filed, and the case was disposed of with the direction that both parties adhere to the terms of the compromise. The current application (I.A. No. 354 of 2018) was filed by Hind Filters seeking to recall the order,

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## Facts

M/s. Hind Filters Ltd. extended an Inter-Corporate loan to M/s. Bhoruka Power Corporation Ltd. for Rs. 3,00,00,000. Bhoruka Power Corporation received Rs. 2,00,00,000 on 2017-04-03 and Rs. 1,00,00,000 on 2017-04-17. Bhoruka Power Corporation defaulted on the repayment of the outstanding amount. Hind Filters filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Bhoruka Power Corporation. On 2018-05-11, a compromise petition was filed by both parties, and the case was disposed of with the direction that both parties adhere to the terms of the compromise. Hind Filters filed I.A. No. 354 of 2018 seeking to recall the order, alleging non-compliance with the compromise terms, specifically that installments due on 2018-05-31,

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## Issues and analysis

### Issue 1: Whether I.A No. 354 of 2018 is maintainable seeking to recall the order dated 2018-05-11, which …

**Ratio:** The legal principle applied is that if a compromise has been reached and a court order

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**Reasoning:** The court reasoned that the compromise petition itself outlined the course of action to

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**Interpretation:** The interpretation is that when parties enter into a compromise and the court

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**Application:** In this case, the compromise petition provided Hind Filters with the liberty to

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s. Hind Filters…
- **Respondents:** M/s. Bhoruka…
- **Advocates:** Giris…; Samart. H.…; +1 more

## Timeline

- **2017-04-03 — Inter-Corporat…**: M/s. Bhoruka Power Corporation Ltd. received…
- **2017-04-17 — Inter-Corporat…**: M/s. Bhoruka Power Corporation Ltd. received…

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