# In the matter of Dattatreya Constructions Private Llimited CP (IB) No. 1599-KB-2018

> NCLT judgment dated 2019-02-19. Citation: TCN-2019-NCLT-04781. The case pertains to CP (IB) No. 1599/KB/2018 before the National Company Law Tribunal, Kolkata…

- **Court:** NCLT
- **Order date:** 19 Feb 2019
- **Citation:** TCN-2019-NCLT-04781
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dattatreya-constructions-private-llimited-cp-ib-no-1599-kb-2018-524b5cf9

## Summary

### Background

The case pertains to CP (IB) No. 1599/KB/2018 before the National Company Law Tribunal, Kolkata Bench. The matter involves M/s. Prism Johnson Limited [RMC (INDIA) Division] as the Operational Creditor and M/s. Dattatreya Constructions Private Limited as the Corporate Debtor. The hearing took place on February 19, 2019.

## Facts

The case involves CP (IB) No. 1599/KB/2018 before the National Company Law Tribunal, Kolkata Bench. M/s. Prism Johnson Limited [RMC (INDIA) Division] is the Operational Creditor, and M/s. Dattatreya Constructions Private Limited is the Corporate Debtor. During the hearing on February 19, 2019, the counsel for the Operational Creditor stated that the matter had been settled outside the Tribunal and requested permission to withdraw the application. The relevance of this fact is that it indicates an amicable resolution between the parties, leading to the withdrawal of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant permission to the Operational Creditor to withdraw the …

**Ratio:** The legal principle applied here is that if parties reach a settlement outside of the

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**Reasoning:** The court's reasoning is based on the submission by the counsel for the Operational

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**Interpretation:** The interpretation is that the Tribunal recognizes and supports out-of-court

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**Application:** In this specific case, the counsel's submission about the settlement outside

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## Parties

- **Judges:** Jinan…
- **Appellants:** M/s. Prism…
- **Respondents:** M/s. Dattatreya…

## Timeline

- **2019-02-19 — Hearing…**: Hearing held on February 19, 2019, where the Operational Creditor sought permission to…
- **2019-02-19 — Order Is…**: The Tribunal granted permission to withdraw the application, and C.P. was disposed of as…

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