# In the matter of Gevika Agro Food Pvt. Ltd. IBA-329-2019

> NCLT judgment dated 2019-04-12. Citation: TCN-2019-NCLT-03929. The case involves an application under the Insolvency and Bankruptcy Code (IBC). Counsel for…

- **Court:** NCLT
- **Order date:** 12 Apr 2019
- **Citation:** TCN-2019-NCLT-03929
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gevika-agro-food-pvt-ltd-iba-329-2019-a3f2a1d9

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). Counsel for both the operational creditor and the corporate debtor were present and filed a Joint Memorandum of Compromise, which was duly signed by both parties. The schedule of payment is contained in para 3, and other terms and conditions are contained in para 4 of the Joint Memorandum of Compromise.

## Facts

Rockwell Industries Ltd filed an application under the IBC against Gevika Agro Food Pvt Ltd. Both parties, represented by their respective counsel, filed a Joint Memorandum of Compromise. The compromise agreement included a schedule of payment and other terms and conditions. The court disposed of the application based on this compromise, granting the operational creditor the right to revive the application if the corporate debtor defaults.

## Issues and analysis

### Issue 1: Whether the application under the IBC should be disposed of based on the Joint Memorandum of …

**Ratio:** A compromise or settlement between parties can form the basis for disposing of an

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**Reasoning:** The court considered the Joint Memorandum of Compromise filed by both parties, which

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**Interpretation:** The legal principle is that parties are free to settle their disputes, and such

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**Application:** In this case, the Joint Memorandum of Compromise was duly signed by both the

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## Parties

- **Judges:** Ch. Mohd Sharief…; S. VIJAYARA…
- **Appellants:** ROCKWELL INDUSTRIE…
- **Respondents:** GEVIKA AGRO FOOD…

## Timeline

- **2019-04-12 — Hearing…**: Hearing held at 10.30…
- **N/A — Filing of Joint…**: Counsel for both sides filed a…

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