# In the matter of Green Plus Construction Pvt. Ltd. CA No. (IB)-155-9-JPR-2019

> NCLT judgment dated 2019-12-13. Citation: TCN-2019-NCLT-00187. The case involves M/s Ankit Enterprises as the applicant/petitioner and M/s Green Plus…

- **Court:** NCLT
- **Order date:** 13 Dec 2019
- **Citation:** TCN-2019-NCLT-00187
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/green-plus-construction-pvt-ltd-ca-no-ib-155-9-jpr-2019-e17b6189

## Summary

### Background

The case involves M/s Ankit Enterprises as the applicant/petitioner and M/s Green Plus Construction Pvt. Ltd. as the respondent. The matter pertains to Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The court directed the counsel for the Operational Creditor to expedite the settlement process. The parties arrived at a memorandum of understanding dated 2019-12-11.

## Facts

M/s Ankit Enterprises filed a petition under Section 9 of the IBC, 2016 against M/s Green Plus Construction Pvt. Ltd. The court directed the Operational Creditor to expedite the settlement process. The parties reached a memorandum of understanding on 2019-12-11, agreeing that M/s Green Plus Construction Pvt. Ltd. would pay Rs. 8,80,000/- to M/s Ankit Enterprises according to a payment schedule. The court disposed of the petition as withdrawn, with the provision that M/s Ankit Enterprises could revive the petition if M/s Green Plus Construction Pvt. Ltd. defaulted on the payment.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the IBC, 2016 should be disposed of given the …

**Ratio:** When parties reach a settlement agreement, the court may dispose of the petition,

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**Reasoning:** The court considered the memorandum of understanding reached between the parties, where

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**Interpretation:** The interpretation of the IBC allows for the disposal of petitions when a

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**Application:** In this case, the court applied the ratio by disposing of the petition after

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## Parties

- **Judges:** SH. P.S.N.…; SH. RAGHU…
- **Appellants:** M/s Ankit…
- **Respondents:** M/s Green Plus…
- **Advocates:** Jaideep…; Javed…; +1 more

## Timeline

- **2019-11-18 — Court Or…**: The Bench directed the counsel for the Operational Creditor to expedite the process of…
- **2019-12-11 — Memorandum of…**: The parties arrived at a memorandum of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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