# In the matter of Laxmiasho Conveyors & Variants Pvt. Ltd. CP (IB) No. 186-CB-2020

> NCLT judgment dated 2021-07-14. Citation: TCN-2021-NCLT-01751. CP (IB) No. 186/CB/2020 was filed. After extensive hearings spread over 3 days, the parties…

- **Court:** NCLT
- **Order date:** 14 Jul 2021
- **Citation:** TCN-2021-NCLT-01751
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/laxmiasho-conveyors-variants-pvt-ltd-cp-ib-no-186-cb-2020-1e176848

## Summary

### Background

CP (IB) No. 186/CB/2020 was filed. After extensive hearings spread over 3 days, the parties arrived at a settlement, which culminated in an agreement dated 14.07.2021.

## Facts

CP (IB) No. 186/CB/2020 was filed before the NCLT Cuttack Bench. The case involved Rubber O Malabar Products Pvt. Ltd. as the petitioner and Laxmiasho Conveyors & Variants Pvt. Ltd. as the respondent. After three days of hearings, the parties arrived at a settlement agreement dated 14.07.2021. The settlement agreement was taken on record. The petition was dismissed as withdrawn, but the operational creditor was given the liberty to revive the petition if the corporate debtor defaults.

## Issues and analysis

### Issue 1: Whether the settlement agreement between …

**Ratio:** A settlement agreement reached between parties in a legal proceeding can be taken on

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**Reasoning:** The parties have arrived at a settlement after extensive hearings, and it is appropriate

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**Interpretation:** The court acknowledges the autonomy of the parties to resolve their disputes

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**Application:** The NCLT took the settlement agreement dated 14.07.2021 on record, making it a

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## Parties

- **Judges:** Rajasekha…; Satya Ranjan…
- **Appellants:** Rubber O Malabar…
- **Respondents:** Laxmiasho…

## Timeline

- **2021-07-14 — Settlement Ag…**: Parties arrived at a…
- **2021-07-14 — Order…**: CP (IB) 186/CB/2020 dismissed as withdrawn; liberty granted to Operational Creditor to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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