# In the matter of Hirise Hospitality Private Limited C.P. (IB)-87(KB)2021

> NCLT judgment dated 2021-09-20. Citation: TCN-2021-NCLT-01089. The case involves a settlement agreement between LA McLean India Limited and Hirise Hospitality…

- **Court:** NCLT
- **Order date:** 20 Sept 2021
- **Citation:** TCN-2021-NCLT-01089
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hirise-hospitality-private-limited-cp-ib-87kb2021-2fcffd55

## Summary

### Background

The case involves a settlement agreement between LA McLean India Limited and Hirise Hospitality Private Limited. The operational creditor submitted that with the settlement agreement dated 08/09/2021, the parties have agreed to settle their disputes amicably.

## Facts

LA McLean India Limited and Hirise Hospitality Private Limited were parties in a case before the National Company Law Tribunal, Kolkata Bench. The operational creditor, LA McLean India Limited, submitted a settlement agreement dated 2021-09-08, indicating that both parties had agreed to amicably settle their disputes. The court took the settlement agreement on record and disposed of the case CP.(IB) No.87/2021 in accordance with the settlement agreement. The operational creditor was granted the liberty to revive the company petition if there is a default.

## Issues and analysis

### Issue 1: Whether the settlement agreement between the operational creditor and the corporate debtor should …

**Ratio:** When parties enter into a settlement agreement to resolve their disputes amicably, the

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**Reasoning:** The court reasoned that the parties had agreed to settle their disputes amicably, as

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**Interpretation:** This legal principle allows courts to recognize and enforce settlement

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**Application:** In this case, the court applied the principle by taking the settlement

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** HIRISE HOSPITALITY…
- **Advocates:** Arnab D…

## Timeline

- **2021-09-20 — Hearing…**: Hearing held on September…
- **2021-09-08 — Settlement Agreement…**: Settlement agreement dated September 8, 2021, where parties agreed to settle disputes…

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