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

> NCLT judgment dated 2020-01-03. Citation: TCN-2020-NCLT-02550. 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-02550
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gurudev-textiles-processors-pvt-ltd-cpib-3649mb-2019-c0171970

## 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 CP.(IB)-3649(MB)/2019 against Gurudev Textiles Processors Pvt Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, both parties filed Consent Terms, indicating a mutual agreement. The Finance Manager of the Corporate Debtor and the Ld. Counsel for the Operational Creditor were present during the hearing. The Tribunal took the Consent Terms on record and dismissed the case as withdrawn, granting the Operational Creditor the liberty to approach the Tribunal again in case of any default.

## Issues and analysis

### Issue 1: Whether the Tribunal was justified in dismissing CP.(IB)-3649(MB)/2019 as withdrawn based on the …

**Ratio:** When parties to a legal proceeding mutually agree to settle their dispute and file

…

**Reasoning:** The Tribunal reasoned that the filing of Consent Terms indicated a mutual agreement

…

**Interpretation:** The interpretation is that the Insolvency and Bankruptcy Code allows for

…

**Application:** In this case, the filing of Consent Terms by Ganesh Trading Company and Gurudev

…

## Parties

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

## Timeline

- **2020-01-03 — Order Shee…**: Order sheet of the…
- **2019-01-01 — Case Fil…**: CP.(IB)-3649(MB)/2019…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/gurudev-textiles-processors-pvt-ltd-cpib-3649mb-2019-c0171970