# In the matter of  Grow Max India Pvt. Ltd. (IB)-1140(ND)2019

> NCLT judgment dated 2019-09-23. Citation: TCN-2019-NCLT-01298. The case involves a hearing before the New Delhi Bench of the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 23 Sept 2019
- **Citation:** TCN-2019-NCLT-01298
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/grow-max-india-pvt-ltd-ib-1140nd2019-989fed85

## Summary

### Background

The case involves a hearing before the New Delhi Bench of the National Company Law Tribunal (NCLT) on September 23, 2019. The matter pertains to M/s. Prayag Polytech Pvt. Ltd. V/s. Grow Max India Pvt. Ltd. A compromise has been reached between the parties.

## Facts

The key facts are as follows: A hearing was held before the New Delhi Bench of the National Company Law Tribunal on September 23, 2019, regarding M/s. Prayag Polytech Pvt. Ltd. V/s. Grow Max India Pvt. Ltd. A compromise was reached between the parties, where the Corporate Debtor, Grow Max India Pvt. Ltd., is required to tender a Demand Draft of Rs. 14,11,000/- for full and final settlement of the claim. The petitioner's counsel has requested to withdraw the petition, with the liberty to restore it if the Corporate Debtor defaults on the agreed terms. The court disposed of the matter accordingly. The relevant section of the Companies Act is Section 9 of the IBC, 2016.

## Issues and analysis

### Issue 1: Whether the compromise reached between the parties should be accepted and the petition disposed of …

**Ratio:** A compromise reached between parties in a legal dispute can be accepted by the court,

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**Reasoning:** The court accepted the submission of the counsels that a compromise had been effected,

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**Interpretation:** This reflects the principle that courts encourage settlements and compromises

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

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## Parties

- **Judges:** L. N. G…; Ina Mal…
- **Appellants:** M/s. Prayag…
- **Respondents:** Grow Max India…

## Timeline

- **2019-09-23 — Hearing…**: Hearing before the New Delhi Bench of…
- **N/A — Compromise E…**: Counsels submit that a compromise has been effected pursuant to which the Corporate…

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