# In the matter of Innovate Ventures (India) Pvt. Ltd. I.A. 85-2019 in CP-19-GB-2019

> NCLT judgment dated 2019-12-04. Citation: TCN-2019-NCLT-00334. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016.…

- **Court:** NCLT
- **Order date:** 4 Dec 2019
- **Citation:** TCN-2019-NCLT-00334
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/innovate-ventures-india-pvt-ltd-ia-85-2019-in-cp-19-gb-2019-6ac8b54b

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The IRP filed IA No. 85 stating that the parties have reached a settlement by executing a settlement agreement on 10.10.2019. Form FA was received and annexed as Annexure-D at page 38 of the application. Fees and reimbursement of expenses were also made on 06.11.2019.

## Facts

Shri Shashi Agarwal, the IRP of Innovate Ventures (India) Pvt. Ltd., filed an application (IA No. 85) stating that a settlement had been reached with Shital Kumar Poddar & Another. The settlement agreement was executed on 10.10.2019. Form FA, related to the settlement, was received and annexed as Annexure-D. Fees and reimbursement of expenses were paid on 06.11.2019. Based on the settlement, the IRP requested permission to withdraw the company petition. The court then disposed of the company petition.

## Issues and analysis

### Issue 1: Whether the company petition should be disposed of as withdrawn based on the settlement reached …

**Ratio:** When parties reach a settlement and fulfill related financial obligations, the court may

…

**Reasoning:** The court considered the IRP's statement that a settlement agreement was executed, Form

…

**Interpretation:** The Insolvency and Bankruptcy Code allows for settlements between parties, and

…

**Application:** In this case, the IRP presented evidence of a settlement agreement, receipt of

…

## Parties

- **Judges:** Hari Venkata…
- **Appellants:** Shashi Ag…
- **Respondents:** Innovate Ventures…; Shital Kumar…

## Timeline

- **2019-10-10 — Settlement Ag…**: Parties executed a…
- **2019-11-06 — Fees and Reimb…**: Fees and reimbursement…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/innovate-ventures-india-pvt-ltd-ia-85-2019-in-cp-19-gb-2019-6ac8b54b