# In the matter of Gokul Sugar Industries Ltd. CP (IB)164(MB)-2019

> NCLT judgment dated 2019-04-16. Citation: TCN-2019-NCLT-03829. The case pertains to CP(IB)164(MB)/2019 before the National Company Law Tribunal (NCLT), Mumbai…

- **Court:** NCLT
- **Order date:** 16 Apr 2019
- **Citation:** TCN-2019-NCLT-03829
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gokul-sugar-industries-ltd-cp-ib164mb-2019-6dac26ba

## Summary

### Background

The case pertains to CP(IB)164(MB)/2019 before the National Company Law Tribunal (NCLT), Mumbai Bench. Punjab National Bank filed a case against Gokul Sugar Industries Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. The matter is related to insolvency proceedings.

## Facts

Punjab National Bank initiated insolvency proceedings against Gokul Sugar Industries Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. Settlement talks are in progress between the parties. Gokul Sugar Industries Ltd submitted an OTS proposal to Punjab National Bank. Punjab National Bank received a partial payment of Rs. 13.5 crores. The court directed Punjab National Bank to file consent terms within ten days if a settlement is reached. The case was listed for filing a settlement agreement or admission on 2019-05-01.

## Issues and analysis

### Issue 1: Whether the settlement talks between Punjab National Bank and Gokul Sugar Industries Ltd warrant an …

**Ratio:** The principle of promoting settlement in insolvency proceedings is a recognized legal

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**Reasoning:** The court acknowledged the ongoing settlement talks and the submission of an OTS

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**Interpretation:** This reflects the court's interpretation of its role in facilitating

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**Application:** The court applied this principle by directing the Petitioner to file consent

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Punjab National…
- **Respondents:** Gokul Sugar…

## Timeline

- **2019-04-16 — Hearing…**: Hearing of Mumbai Bench of the…
- **2019-05-01 — Next Hearin…**: Case listed for filing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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