# In the matter of Heavy Engineering Corporation Ltd. CP (IB) No. 983-KB-2018

> NCLT judgment dated 2019-02-26. Citation: TCN-2019-NCLT-04687. The case involves a matter between Hindusthan Engineering & Industries Ltd. and Heavy…

- **Court:** NCLT
- **Order date:** 26 Feb 2019
- **Citation:** TCN-2019-NCLT-04687
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/heavy-engineering-corporation-ltd-cp-ib-no-983-kb-2018-57581b7a

## Summary

### Background

The case involves a matter between Hindusthan Engineering & Industries Ltd. and Heavy Engineering Corporation Ltd. before the National Company Law Tribunal (NCLT), Kolkata Bench. An interim application for recording a settlement was filed at the Registry. However, the application was yet to be numbered.

## Facts

The key facts are as follows: Hindusthan Engineering & Industries Ltd. and Heavy Engineering Corporation Ltd. are parties in a case before the NCLT Kolkata Bench. The Operational Creditor and the Corporate Debtor jointly submitted that the matter was settled out of the Tribunal. An interim application for recording the settlement was filed, but it was yet to be numbered. The Ld. Counsel for the Operational Creditor sought permission to withdraw the application due to the settlement. The relevance of these facts lies in demonstrating that the parties resolved their dispute outside of court, leading to the withdrawal of the case.

## Issues and analysis

### Issue 1: Whether the application for recording the settlement can be withdrawn given the settlement reached …

**Ratio:** When parties reach a settlement outside of court, they are generally permitted to

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**Reasoning:** The court reasoned that since the matter was settled out of the Tribunal, allowing the

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**Interpretation:** This issue involves the interpretation of the Tribunal's power to allow

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**Application:** In this case, the court applied the ratio by granting permission to the Ld.

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## Parties

- **Judges:** Jinan…
- **Appellants:** Hindusthan…
- **Respondents:** Heavy Engineering…

## Timeline

- **2019-02-26 — Hearing…**: Hearing held on February…
- **N/A — Settlement Su…**: Ld. Counsel jointly submit…

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