# In the matter of Ducon Technologies (l) Pvt. Ltd. T.C.P. No. 642-MAH-2017

> NCLT judgment dated 2017-11-17. Citation: TCN-2017-NCLT-00186. The case involves REI Industries Ltd. and Ducon Technologies (I) Pvt. Ltd. before the National…

- **Court:** NCLT
- **Order date:** 17 Nov 2017
- **Citation:** TCN-2017-NCLT-00186
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ducon-technologies-l-pvt-ltd-tcp-no-642-mah-2017-689128f2

## Summary

### Background

The case involves REI Industries Ltd. and Ducon Technologies (I) Pvt. Ltd. before the National Company Law Tribunal (NCLT), Mumbai Bench. A settlement deed was placed on record, and KEI agreed to withdraw its claim against Ducon. Both parties agreed to settle their disputes amicably. The settlement involved Ducon paying Rs. 12,00,000 to KEI in six installments.

## Facts

REI Industries Ltd. initiated a case against Ducon Technologies (I) Pvt. Ltd. before the NCLT, Mumbai. A settlement deed was presented to the court, indicating that KEI (likely related to REI Industries Ltd.) agreed to withdraw its claim against Ducon in Case No. TCP No. 642/2017. Both parties had come to an agreement to settle their disputes amicably. As part of the settlement, Ducon agreed to pay Rs. 12,00,000 to KEI in six installments. The first installment of Rs. 2,00,000 was to be paid via Draft No. 981059 from State Bank of India Wagles Industrial Estate Branch dated November 13, 2017. The remaining installments were to be paid via checks in December 2017, January 2018, February 2018, March 2018, and April 2018. The petitioner then sought to withdraw the

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## Issues and analysis

### Issue 1: Whether the settlement deed presented by the …

**Ratio:** A settlement deed, when agreed upon by all parties involved in a dispute, can be accepted

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**Reasoning:** The court acknowledged that both parties had willingly entered into a settlement

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**Interpretation:** This legal issue concerns the court's power to recognize and enforce settlement

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**Application:** In this case, the court accepted the settlement deed because it was presented

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** REI Industries…
- **Respondents:** Ducon Technologies…

## Timeline

- **2017-11-17 — Order Da…**: Attendance-cum-order sheet of the hearing of Mumbai Bench of the National Company Law…
- **2017-11-14 — Deed of Set…**: Deed of Settlement dated 14.11.2017 duly…

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