# In the matter of Krishna Enterprises (Housing & Infrastructure) Pvt. Ltd. C.P. (IB)No. 300-BB-2019

> NCLT judgment dated 2020-09-14. Citation: TCN-2020-NCLT-00632. The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated by M/s.…

- **Court:** NCLT
- **Order date:** 14 Sept 2020
- **Citation:** TCN-2020-NCLT-00632
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/krishna-enterprises-housing-infrastructure-pvt-ltd-cp-ibno-300-bb-2019-448ea141

## Summary

### Background

The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated by M/s. Thriveni Sands & Aggregates LLP against M/s. Krishna Enterprises (Housing and Infrastructures) Private Limited, claiming a default of Rs. 7,59,767/-. The petition was filed under Section 9 of the IBC, 2016, read with Rule 6 of the I&B (AAA) Rules, 2016. The case was listed on multiple dates and adjourned at the request of the parties.

## Facts

M/s. Thriveni Sands & Aggregates LLP, the operational creditor, filed a petition under Section 9 of the IBC, 2016, against M/s. Krishna Enterprises (Housing & Infrastructures) Pvt. Ltd., the corporate debtor, for a default amount of Rs. 7,59,767/-. The case, C.P.(IB)No.300/BB/2019, was listed on various dates between September 2019 and September 2020. During this period, the parties engaged in discussions and reached a settlement, documented in a registered Memorandum of Understanding (MOU). As part of the settlement, the petitioner agreed to receive Rs. 5,06,033/- in full and final settlement via a post-dated cheque dated 30.12.2020. A joint memo for withdrawal of the petition was filed, indicating the mutual agreement to settle the matter. The Tribunal took

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## Issues and analysis

### Issue 1: Whether the Tribunal should permit the withdrawal of the Company Petition based on the settlement …

**Ratio:** The Tribunal has the discretion to permit the withdrawal of a Company Petition if the

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**Reasoning:** The Tribunal reasoned that since the parties had engaged in discussions, reached a

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**Interpretation:** This interpretation acknowledges the Tribunal's power to facilitate settlements

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**Application:** In this specific case, the Tribunal applied the ratio by considering the

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s. Thriveni…
- **Respondents:** M/s. Krishna…

## Timeline

- **2019-09-19 — Case Lis…**: The case was initially…
- **2019-10-14 — Case Lis…**: The case was listed…

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