# In the matter of Hamon Shriram Cottrell Pvt. Ltd. TCP 748 of 2O17

> NCLT judgment dated 2017-12-19. Citation: TCN-2017-NCLT-00033. The case involves a Transfer Company Petition No. 748 of 2017 filed by Ercon Composites against…

- **Court:** NCLT
- **Order date:** 19 Dec 2017
- **Citation:** TCN-2017-NCLT-00033
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hamon-shriram-cottrell-pvt-ltd-tcp-748-of-2o17-634b1de8

## Summary

### Background

The case involves a Transfer Company Petition No. 748 of 2017 filed by Ercon Composites against Hamon Shriram Cottrell Pvt. Ltd. before the National Company Law Tribunal (NCLT), Mumbai Bench. The petitioner had initially filed the petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. Subsequently, both parties decided to amicably settle the dispute out of court.

## Facts

Ercon Composites filed a Transfer Company Petition No. 748 of 2017 against Hamon Shriram Cottrell Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The parties then negotiated and agreed to settle the dispute out of court. As part of the settlement, Hamon Shriram Cottrell Pvt. Ltd. agreed to pay Ercon Composites a sum of Rs. 7,49,351 in installments through post-dated cheques. A withdrawal memo and consent terms were filed with the NCLT, Mumbai Bench. The consent terms specified that upon receipt of the entire settlement amount, Ercon Composites would not initiate any further proceedings against Hamon Shriram Cottrell Pvt. Ltd. The consent terms also stated that if the cheques were dishonored, the original petition would be revived. The petitioner

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## Issues and analysis

### Issue 1: Whether the Transfer Company Petition No. 748 of 2017 can be withdrawn based on the consent terms …

**Ratio:** A petition can be withdrawn if both parties agree to settle the dispute amicably and file

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**Reasoning:** The court reasoned that since both parties had agreed to settle the matter out of court

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**Interpretation:** This interpretation allows parties to resolve disputes outside of formal legal

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**Application:** In this case, the petitioner and respondent agreed to settle the dispute, and

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## Parties

- **Judges:** B.S.V. Prakash…; V. Nallasen…
- **Appellants:** Ercon Comp…
- **Respondents:** Hamon Shriram…

## Timeline

- **2017-06-19 — Board Reso…**: Board of Directors of Hamon Shriram Cottrell Private Limited passed a resolution…
- **2017-12-15 — First Chequ…**: First post-dated cheque of Rs. 1,49,870 issued by Hamon Shriram Cottrell Pvt. Ltd. to…

## 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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