# In the matter of Krishna Enterprises (Housing & Infrastructure) Pvt. Ltd. C.P. (IB)No. 53-BB-2020

> NCLT judgment dated 2020-09-14. Citation: TCN-2020-NCLT-00631. Thriveni Earthmovers Pvt. Ltd. filed C.P.(IB)No.53/BB/2020 under Section 9 of the IBC, 2016,…

- **Court:** NCLT
- **Order date:** 14 Sept 2020
- **Citation:** TCN-2020-NCLT-00631
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/krishna-enterprises-housing-infrastructure-pvt-ltd-cp-ibno-53-bb-2020-20f54138

## Summary

### Background

Thriveni Earthmovers Pvt. Ltd. filed C.P.(IB)No.53/BB/2020 under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Krishna Enterprises (Housing & Infrastructures) Private Limited, claiming a default of Rs. 25,00,228. The case was listed for hearing on multiple dates and adjourned at the request of the parties.

## Facts

Thriveni Earthmovers Pvt. Ltd. (Operational Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against Krishna Enterprises (Housing & Infrastructures) Private Limited (Corporate Debtor) under Section 9 of the IBC, 2016, due to a default of Rs. 25,00,228. The case was listed for hearing on multiple dates and adjourned. Subsequently, both parties engaged in discussions and entered into a registered Memorandum of Understanding (MOU) regarding the payment of dues. The Respondent agreed to pay Rs. 24,54,980 in full and final settlement, according to the MOU dated 08.09.2020. The Respondent agreed to pay the amount of Rs. 24,54,980 in installments via cheques with specific dates. The parties filed a joint memo for withdrawal of the petition, which the

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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**Ratio:** A Company Petition can be withdrawn if the parties have reached a settlement and jointly

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**Reasoning:** The Tribunal noted that the parties had engaged in discussions, reached a settlement, and

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**Interpretation:** This case interprets the provisions of the IBC, 2016, and the associated rules

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Thriveni Earthmove…
- **Respondents:** Krishna Enterprise…

## Timeline

- **2020-02-13 — Hearing…**: The case was listed for…
- **2020-02-25 — Hearing…**: The case was listed for…

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