# In the matter of Hindustan Heavy ELectricals Pvt. Ltd. IBA-336-2019

> NCLT judgment dated 2019-06-11. Citation: TCN-2019-NCLT-02961. The case involves an application under the Insolvency and Bankruptcy Code (IBC). The counsel…

- **Court:** NCLT
- **Order date:** 11 Jun 2019
- **Citation:** TCN-2019-NCLT-02961
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hindustan-heavy-electricals-pvt-ltd-iba-336-2019-12be6efa

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). The counsel for the Corporate Debtor presented a Demand Draft for Rs.75,00,000/- towards full and final settlement of the claim of the Operational Creditor. The Operational Creditor filed a Memo for Withdrawal, duly signed by its counsel.

## Facts

M.M. Impex filed a petition against Hindustan Heavy Electricals Pvt Ltd under Section 9 Rule 6 of the IBC. The Corporate Debtor, Hindustan Heavy Electricals Pvt Ltd, presented a Demand Draft for Rs.75,00,000/- towards full and final settlement of the claim of the Operational Creditor, M.M. Impex. The Operational Creditor filed a Memo for Withdrawal, duly signed by its counsel. Both sides' counsels were present during the hearing. The court took the memo on record.

## Issues and analysis

### Issue 1: Whether the petition should be disposed of given the settlement between the Corporate Debtor and …

**Ratio:** When a settlement is reached between the parties and the Operational Creditor seeks to

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**Reasoning:** The court considered the Demand Draft presented by the Corporate Debtor towards full and

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**Interpretation:** This case interprets the provisions of the IBC relating to the settlement of

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**Application:** Given the settlement and the withdrawal request, the court applied the

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## Parties

- **Judges:** Ch. Mohd Sharief…; S. VIJAYARA…
- **Appellants:** M.M.I…
- **Respondents:** HINDUSTAN HEAVY…

## Timeline

- **2019-06-11 — Hearing…**: Hearing held at 10.30…
- **N/A — Demand Draft P…**: The counsel for the Corporate Debtor brought a Demand Draft for Rs.75,00,000/- towards…

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