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

> NCLT judgment dated 2020-01-03. Citation: TCN-2020-NCLT-02535. 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-02535
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gurudev-textiles-processors-pvt-ltd-cpib-3649mb-2019-acaa549c

## 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, the Operational Creditor, filed a case against Gurudev Textiles Processors Pvt Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. Both parties subsequently filed Consent Terms. The Finance Manager of the Corporate Debtor, Mr. Nishit S. Jain, was present. The court took the Consent Terms on record and dismissed the case CP.3649/2019 as withdrawn. The Operational Creditor was granted liberty to approach the Tribunal again in case of any default.

## Issues and analysis

### Issue 1: Whether CP.3649/2019 should be dismissed as withdrawn based on the Consent Terms filed by the …

**Ratio:** When parties to a legal proceeding mutually agree to certain terms and conditions and

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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:** The interpretation is that the court recognizes and respects the agreement

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**Application:** In this specific case, the court applied the ratio by taking the Consent Terms

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## Parties

- **Judges:** Rajasekha…; RavikumarDu…
- **Appellants:** Ganesh Trading…
- **Respondents:** Gurudev Textiles…

## Timeline

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

## 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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