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

> NCLT judgment dated 2020-03-17. Citation: TCN-2020-NCLT-01486. The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 17 Mar 2020
- **Citation:** TCN-2020-NCLT-01486
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bnazrum-agrp-exports-ltd-iba-1352-2019-8841e76a

## Summary

### Background

The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The petitioner and the corporate debtor, represented by their respective counsels, reached a settlement. A joint memorandum of compromise and consent terms were filed before the tribunal on 2020-03-12, seeking withdrawal of the petition.

## Facts

Shakti Containers Pvt Ltd filed a petition (IBA/1352/2019) against Bnazrum Agro Exports Pvt Ltd. Both parties, represented by their respective counsels, reached a settlement and filed a joint memorandum of compromise before the National Company Law Tribunal (NCLT) on 2020-03-12. The settlement involved terms of compromise and consent, leading the parties to seek withdrawal of the petition. The petitioner's counsel stated that if the corporate debtor fails to adhere to the terms of the joint memo of compromise, the petitioner should be allowed to approach the tribunal again. The tribunal considered the settlement and the representation made by the petitioner's counsel.

## Issues and analysis

### Issue 1: Whether the petition filed under the IBC should be dismissed as withdrawn based on the joint …

**Ratio:** A petition can be dismissed as withdrawn if the parties reach a settlement and file a

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**Reasoning:** The tribunal considered the settlement reached between the parties, as evidenced by the

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**Interpretation:** This interpretation aligns with the principles of promoting settlement and

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**Application:** The tribunal applied this principle to the specific facts of the case, where

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## Parties

- **Judges:** R. VARADH…; SHRI.S.VIJAYARAGHA…
- **Appellants:** SHAKTI CONTAINERS…
- **Respondents:** BNAZRUM AGRO…
- **Advocates:** 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 — Hearing…**: Hearing held on 2020-03-17 where the tribunal considered the settlement and dismissed the…

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