# In the matter of Deccan Extrusions Pvt. Ltd. IBA-1005-2019

> NCLT judgment dated 2020-01-06. Citation: TCN-2020-NCLT-02490. The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). A memo of…

- **Court:** NCLT
- **Order date:** 6 Jan 2020
- **Citation:** TCN-2020-NCLT-02490
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/deccan-extrusions-pvt-ltd-iba-1005-2019-6b933401

## Summary

### Background

The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). A memo of compromise was filed on January 6, 2020, indicating a settlement between the petitioner and the corporate debtor. Post-dated cheques were issued by the corporate debtor in relation to the petitioner's claim.

## Facts

A petition was filed under the Insolvency and Bankruptcy Code (IBC). The petitioner and the corporate debtor reached a settlement, documented in a memo of compromise filed on January 6, 2020. As part of the settlement, the corporate debtor issued post-dated cheques to the petitioner. The petitioner then sought to withdraw the petition, requesting the liberty to refile if the settlement terms are not met. The court considered the settlement and the petitioner's request.

## Issues and analysis

### Issue 1: Whether the petition should be dismissed as withdrawn based on the memo of compromise filed by the …

**Ratio:** A petition can be dismissed as withdrawn when the parties have reached a settlement and

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**Reasoning:** The court considered the memo of compromise filed by the parties, indicating a

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**Interpretation:** The legal principle allows for the dismissal of a petition when parties

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**Application:** In this case, the existence of the memo of compromise led the court to dismiss

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** P K VADUV…
- **Respondents:** DECCAN EXTRUSIONS…

## Timeline

- **2019-01-01 — Petition…**: IBA/1005/2019 petition…
- **2020-01-06 — Memo of Comprom…**: A memo of compromise was filed,…

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