# In the matter of Bnazrum Agrp Exports Ltd. IBA-1352-2019

> NCLT judgment dated 2020-03-17. Citation: TCN-2020-NCLT-01490. The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The learned…

- **Court:** NCLT
- **Order date:** 17 Mar 2020
- **Citation:** TCN-2020-NCLT-01490
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bnazrum-agrp-exports-ltd-iba-1352-2019-66d3f884

## Summary

### Background

The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The learned counsel for both the petitioner and the corporate debtor were present. A joint memorandum of compromise and consent terms were filed by the parties before the tribunal on 2020-03-12, seeking withdrawal of the petition.

## Facts

Shakti Containers Pvt Ltd filed a petition against Bnazrum Agro Exports Pvt Ltd under the IBC. Both parties, represented by their respective learned counsel, submitted a joint memorandum of compromise and consent terms to the tribunal on 2020-03-12, seeking withdrawal of the petition. The settlement included a schedule of payment. The petitioner's counsel stated that if the corporate debtor fails to comply with the compromise terms, the petitioner retains the right to approach the tribunal again. The tribunal considered the settlement, the consensus between the parties, and Rule 8 of the I&B (Application to Adjudicating Authority) Rules, 2016.

## Issues and analysis

### Issue 1: Whether the petition filed under the IBC can be dismissed as withdrawn based on a joint memorandum …

**Ratio:** A petition can be dismissed as withdrawn if the parties have reached a settlement and

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**Reasoning:** The tribunal considered the settlement arrived at between the parties, the schedule of

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**Interpretation:** This interpretation allows for the resolution of disputes through mutual

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**Application:** In this case, the parties filed a joint memorandum of compromise seeking

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## Parties

- **Judges:** R. VARADH…; SHRI.S.VIJAYARAGHA…
- **Appellants:** SHAKTI CONTAINERS…
- **Respondents:** BNAZRUM AGRO…
- **Advocates:** Geethanja…; R. Sr…

## Timeline

- **2020-03-12 — Filing of Joint…**: The parties filed a joint memorandum of compromise and consent terms before the tribunal,…
- **2020-03-17 — Order of Di…**: The tribunal dismissed the petition as withdrawn, granting the liberty sought in Para 4…

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