# In the matter of Gurudev Textiles Processors Pvt. Ltd. CP(IB)-3649(MB)-2019

> NCLT judgment dated 2020-01-03. Citation: TCN-2020-NCLT-02544. The case pertains to CP.(IB)-3649(MB)/2019 filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 3 Jan 2020
- **Citation:** TCN-2020-NCLT-02544
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gurudev-textiles-processors-pvt-ltd-cpib-3649mb-2019-5eff9e66

## Summary

### Background

The case pertains to CP.(IB)-3649(MB)/2019 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor and the Corporate Debtor filed Consent Terms, which were taken on record by the National Company Law Tribunal (NCLT), Mumbai Bench.

## Facts

Ganesh Trading Company (Operational Creditor) filed a case against Gurudev Textiles Processors Pvt Ltd (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. Both parties submitted Consent Terms, which were taken on record by the NCLT. Consequently, CP.(IB)-3649(MB)/2019 was dismissed as withdrawn. The Operational Creditor retains the option to re-approach the Tribunal if the Corporate Debtor defaults. Mr. Nishit S. Jain, Finance Manager of the Corporate Debtor, was present. The case number is CP.(IB)-3649(MB)/2019.

## Issues and analysis

### Issue 1: Whether the application CP.(IB)-3649(MB)/2019 can be dismissed as withdrawn based on the Consent …

**Ratio:** When parties mutually agree to settle a dispute and file Consent Terms, the court can

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**Reasoning:** The court reasoned that since both parties had filed Consent Terms, it was appropriate to

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**Interpretation:** This interpretation aligns with the principle of promoting settlement and

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**Application:** In this case, the application CP.(IB)-3649(MB)/2019 was dismissed as withdrawn

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## Parties

- **Judges:** Rajasekha…; Ravikumar…; +1 more
- **Appellants:** Ganesh Trading…
- **Respondents:** Gurudev Textiles…

## Timeline

- **2020-01-03 — Order Sheet…**: Order sheet of the hearing held on 03.01.2020.…

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