# In the matter of Genesys International Corporation Ltd. C.P. No. 1122-(MAH)-2017

> NCLT judgment dated 2017-09-01. Citation: TCN-2017-NCLT-00496. The case involves a petition filed under the I&BP Code 2016. The Learned Representatives of…

- **Court:** NCLT
- **Order date:** 1 Sept 2017
- **Citation:** TCN-2017-NCLT-00496
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/genesys-international-corporation-ltd-cp-no-1122-mah-2017-720e0ed2

## Summary

### Background

The case involves a petition filed under the I&BP Code 2016. The Learned Representatives of both sides are present. The matter is settled, with the Respondent paying Rs. 11,47,650/- to the Petitioner. Genesys confirms handing over a demand draft of Rs. 11,47,650/- dated August 29, 2007, towards full and final settlement of claims against Genesys, after deducting tax at source.

## Facts

Priyanka S Tiwari filed a petition against Genesys International Corporation Ltd. under the I&BP Code 2016. The representatives of both parties were present in court. A settlement was reached where Genesys paid Rs. 11,47,650 to Priyanka S Tiwari. This payment was made via a demand draft dated August 29, 2007, which covered all past, present, and future claims against Genesys. The amount was paid after deducting tax at source. Following the settlement, Priyanka S Tiwari withdrew the petition, and the court disposed of the case as withdrawn.

## Issues and analysis

### Issue 1: Whether the settlement between Priyanka S Tiwari and Genesys International Corporation Ltd. is …

**Ratio:** A settlement reached between parties in a legal dispute is generally considered valid and

…

**Reasoning:** The court acknowledged the presence of representatives from both sides, indicating their

…

**Interpretation:** The settlement is interpreted as a contractual agreement between the parties,

…

**Application:** In this case, the settlement is valid because both parties agreed to it,

…

## Parties

- **Judges:** M.K. Sh…; Bhaskara Pantula…
- **Appellants:** Priyanka S…
- **Respondents:** Genesys Internatio…

## Timeline

- **2007-08-29 — Demand Draf…**: Genesys issued a demand draft of Rs. 11,47,650/- dated August 29, 2007, to Priyanka S…
- **2017-09-01 — Order Da…**: The court disposed of the petition…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/genesys-international-corporation-ltd-cp-no-1122-mah-2017-720e0ed2