# In the matter if Wayne-Burt Petro Chemicals Pvt. Ltd. MA-315-2019 in CP-1378-IB-2018

> NCLT judgment dated 2019-04-22. Citation: TCN-2019-NCLT-03765. The case involves an application (MA/315/2019) in a corporate insolvency petition…

- **Court:** NCLT
- **Order date:** 22 Apr 2019
- **Citation:** TCN-2019-NCLT-03765
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/in-the-matter-if-wayne-burt-petro-chemicals-pvt-ltd-ma-315-2019-in-cp-1378-ib-20-58a26abf

## Summary

### Background

The case involves an application (MA/315/2019) in a corporate insolvency petition (CP/1378/IB/2018). A Memorandum of Compromise was previously entered into between the parties on January 30, 2019, leading to the initial disposal of the petition. However, the Corporate Debtor allegedly defaulted on the agreed payment. An order dated January 31, 2019, granted the Financial Creditor the liberty to revive the petition in case of default by the Corporate Debtor.

## Facts

A Memorandum of Compromise was entered into between Bell Tower Enterprises LLP (Financial Creditor) and Wayne-Burt Petro Chemicals Pvt Ltd (Corporate Debtor) on January 30, 2019, leading to the disposal of the insolvency petition CP/1378/IB/2018. The Corporate Debtor defaulted on the payment as agreed in the compromise. An order dated January 31, 2019, allowed the Financial Creditor to revive the petition if the Corporate Debtor defaulted. The Financial Creditor filed an application (MA/315/2019) supported by an affidavit, seeking to revive the petition. The Corporate Debtor's counsel did not object to the revival.

## Issues and analysis

### Issue 1: Whether the insolvency petition CP/1378/IB/2018 should be revived due to the Corporate Debtor's …

**Ratio:** When a corporate debtor defaults on the terms of a compromise agreement that led to the

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**Reasoning:** The court reasoned that the Corporate Debtor's default triggered the clause in the

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**Interpretation:** The interpretation is that a compromise agreement, while leading to a temporary

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**Application:** In this case, the Corporate Debtor's failure to make the agreed payments under

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## Parties

- **Judges:** CH. MOHD SHARIEF…
- **Respondents:** WAYNE-BURT PETRO…; WAYNE BURT PETRO…

## Timeline

- **2019-01-30 — Memorandum of C…**: Memorandum of Compromise entered into between the parties, leading to the disposal of the…
- **2019-01-31 — Order Granting…**: Order granted liberty to the Financial Creditor to revive the petition in case of default…

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