# In the matter of Bumi Geo Engineering Ltd. CP-928-IB-2018

> NCLT judgment dated 2019-04-02. Citation: TCN-2019-NCLT-04197. The case CP/982/IB/2018 was initiated under Section 9 of the I&B Code, 2016 against Bumi Geo…

- **Court:** NCLT
- **Order date:** 2 Apr 2019
- **Citation:** TCN-2019-NCLT-04197
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bumi-geo-engineering-ltd-cp-928-ib-2018-06c5c5c0

## Summary

### Background

The case CP/982/IB/2018 was initiated under Section 9 of the I&B Code, 2016 against Bumi Geo Engineering Ltd, leading to a moratorium and the appointment of an Interim Resolution Professional (IRP). An appeal was filed against the order before the NCLAT, which directed the RP not to issue any public notice under Section 15 of the I&B Code, 2016. The public announcement was not made, and the CoC was not constituted.

## Facts

Interstudios filed CP/982/IB/2018 against Bumi Geo Engineering Ltd under Section 9 of the I&B Code, 2016. This led to the initiation of the Corporate Insolvency Resolution Process (CIRP), declaration of a moratorium, and appointment of an Interim Resolution Professional (IRP). Bumi Geo Engineering Ltd filed an appeal against the order before the NCLAT. The NCLAT directed the RP not to issue a public notice under Section 15 of the I&B Code, 2016. Interstudios and Bumi Geo Engineering Ltd subsequently reached a settlement agreement dated 2019-02-19, resolving the matter out of court. The settlement agreement included provisions for payments to be made. The RP's remuneration and expenses, amounting to Rs.78,386/-, remained unpaid. The relevance of these facts lies

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## Issues and analysis

### Issue 1: Whether the settlement agreement between Interstudios and Bumi Geo Engineering Ltd warrants the …

**Ratio:** A settlement agreement between parties in a CIRP can form the basis for disposing of the

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**Reasoning:** The court acknowledged the settlement agreement filed by the Applicant, noting that the

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**Interpretation:** This reflects the court's willingness to facilitate settlements in insolvency

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**Application:** The court applied this principle by accepting the settlement agreement and

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** INTERST…
- **Respondents:** Bumi Geo Engineeri…
- **Advocates:** G. Thyaga…; Aayush Ag…

## Timeline

- **2018-01-01 — Case Fil…**: CP/982/IB/201…
- **2019-01-03 — Order Pa…**: Order passed initiating CIRP against Bumi Geo Engineering Ltd, moratorium declared, and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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