# In the matter of Hetero Labs Ltd. CP(IB) No. 322-9-HDB-2019

> NCLT judgment dated 2019-08-27. Citation: TCN-2019-NCLT-01743. The case pertains to CP(IB) No. 322/9/HDB/2019 filed under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 27 Aug 2019
- **Citation:** TCN-2019-NCLT-01743
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hetero-labs-ltd-cpib-no-322-9-hdb-2019-19476012

## Summary

### Background

The case pertains to CP(IB) No. 322/9/HDB/2019 filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). The matter was brought before the National Company Law Tribunal (NCLT), Hyderabad Bench. Counsels representing both the petitioner (Berger Paints India Ltd) and the respondent (Hetero Labs Ltd) were present during the hearing.

## Facts

Berger Paints India Ltd filed CP(IB) No. 322/9/HDB/2019 against Hetero Labs Ltd under Section 7 of the IBC. During the proceedings, both parties informed the court that they had reached a settlement and filed a joint memo of settlement. The NCLT acknowledged the settlement agreement.

## Issues and analysis

### Issue 1: Whether the settlement reached between Berger Paints India Ltd and Hetero Labs Ltd can be accepted …

**Ratio:** A settlement reached between parties in an insolvency proceeding, when formalized and

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**Reasoning:** The court acknowledged the joint memo of settlement filed by the parties, indicating that

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**Interpretation:** This interpretation highlights the court's willingness to facilitate

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**Application:** In this specific case, the court's decision to close the case based on the

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## Parties

- **Judges:** K. Anantha…; Shribinod Kumar…
- **Appellants:** Berger Paints…
- **Respondents:** Hetero La…
- **Advocates:** G. Bhu…; Harish Kumar…; +1 more

## Timeline

- **2019-08-27 — Hearing…**: Hearing held on 27.08.2019 at 10.30 AM…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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