# In the matter of Golden Engineering Technologies Pvt. Ltd. IBA-1466-2019

> NCLT judgment dated 2020-09-17. Citation: TCN-2020-NCLT-00606. The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). A compromise…

- **Court:** NCLT
- **Order date:** 17 Sept 2020
- **Citation:** TCN-2020-NCLT-00606
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/golden-engineering-technologies-pvt-ltd-iba-1466-2019-9ec3b277

## Summary

### Background

The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). A compromise was reached between the petitioner, Vignesh Metal and Industries, and the respondent, Golden Engineering Technologies Pvt Ltd. A Memo of Compromise was filed at the Registry.

## Facts

Vignesh Metal and Industries filed a petition (IBA/1466/2019) against Golden Engineering Technologies Pvt Ltd under Section 9 Rule 6 of the IBC 2016. During the proceedings, the counsels for both parties informed the court that they had reached a compromise. A Memo of Compromise was also filed with the Registry. Based on this compromise, the court dismissed the petition as settled out of court. The key fact is the compromise between the parties, which led to the dismissal of the case.

## Issues and analysis

### Issue 1: Whether the petition IBA/1466/2019 should be dismissed given the compromise reached between the …

**Ratio:** When parties to a legal dispute reach a compromise and formalize it through a Memo of

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**Reasoning:** The court reasoned that since both parties had arrived at a compromise and documented it

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**Interpretation:** This legal principle allows for the dismissal of a case when parties involved

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**Application:** In this case, the court applied the ratio by acknowledging the compromise

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## Parties

- **Judges:** R. Sucha…; S. VIJAYARA…
- **Appellants:** VIGNESH METAL AND…
- **Respondents:** GOLDEN ENGINEERING…

## Timeline

- **2020-09-17 — Hearing…**: Hearing held on 17-09-2020 at 10.30…
- **N/A — Compromise…**: Counsel for Petitioner submits that a compromise has been arrived at between both the…

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