# In the matter of Geo Api Solutions Pvt. Ltd. CA 520-2018 IN CP (IB)-1632-9-(MB)-NCLT-2017

> NCLT judgment dated 2018-06-26. Citation: TCN-2018-NCLT-01221. The case involves a petition for insolvency. The Resolution Professional submitted…

- **Court:** NCLT
- **Order date:** 26 Jun 2018
- **Citation:** TCN-2018-NCLT-01221
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/geo-api-solutions-pvt-ltd-ca-520-2018-in-cp-ib-1632-9-mb-nclt-2017-0e07a68d

## Summary

### Background

The case involves a petition for insolvency. The Resolution Professional submitted applications, M.A. No. 510/2018 and M.A. No. 520/2018, filed by the Corporate Debtor. The Resolution Professional stated that as of June 21, 2018, no claims were received from Financial Creditors to form a Committee of Creditors, and no acceptable claims were received from Operational Creditors. The Corporate Debtor expressed willingness to settle the disputed amount with the Operational Creditor.

## Facts

HGS India Ltd. filed an insolvency petition against Geo Api Solutions Pvt. Ltd. The Resolution Professional submitted two applications, M.A. No. 510/2018 and M.A. No. 520/2018. The Resolution Professional stated that as of June 21, 2018, no claims were received from Financial Creditors to form a Committee of Creditors, and no acceptable claims were received from Operational Creditors. The Corporate Debtor, Geo Api Solutions Pvt. Ltd., expressed willingness to settle the disputed amount with the Operational Creditor. The Corporate Debtor had already paid Rupees Eighty Lakhs, and the parties agreed to settle for Rupees 2.05 Crores. The Resolution Professional's fees and insolvency costs were settled. The court considered the proposal from the Corporate Debtor and the

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## Issues and analysis

### Issue 1: Whether the insolvency petition can be disposed of as settled given the Corporate Debtor's …

**Ratio:** The principle of promoting settlement and amicable resolution of disputes in insolvency

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**Reasoning:** The court reasoned that since the Corporate Debtor was willing to settle the disputed

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**Interpretation:** This issue involves the interpretation of the Insolvency and Bankruptcy Code's

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**Application:** In this specific case, the court applied the principle by considering the

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** HGS India…
- **Respondents:** Geo Api Solutions…

## Timeline

- **2018-06-21 — Last date of receipt of…**: The Resolution Professional stated that as of this date, no claims were received from…
- **2018-06-26 — Order Shee…**: Order sheet of the hearing of Mumbai Bench…

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