# 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-01750. The case pertains to CP (IB) No. 186/CB/2020, involving Rubber O Malabar Products Pvt. Ltd. as…

- **Court:** NCLT
- **Order date:** 14 Jul 2021
- **Citation:** TCN-2021-NCLT-01750
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/laxmiasho-conveyors-variants-pvt-ltd-cp-ib-no-186-cb-2020-c29b867a

## Summary

### Background

The case pertains to CP (IB) No. 186/CB/2020, involving Rubber O Malabar Products Pvt. Ltd. as the petitioner and Laxmiasho Conveyors & Variants Pvt. Ltd. as the respondent. The matter was heard extensively over three days.

## Facts

The case involves CP (IB) No. 186/CB/2020. Rubber O Malabar Products Pvt. Ltd. filed a petition against Laxmiasho Conveyors & Variants Pvt. Ltd. under Section 9 of the IBC. After multiple hearings, the parties reached a settlement agreement dated 2021-07-14. The settlement agreement was taken on record by the NCLT Cuttack Bench. Consequently, the petition was dismissed as withdrawn. The Operational Creditor is granted the liberty to revive the Company Petition if the Corporate Debtor defaults on the settlement agreement. The case was heard by Hon'ble Member(J), Shri Rajasekhar V. K., and Hon'ble Member(T), Shri Satya Ranjan Prasad.

## Issues and analysis

### Issue 1: Whether the settlement agreement reached between the parties in CP (IB) No. 186/CB/2020 should be …

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

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**Reasoning:** The court acknowledged the settlement agreement reached between Rubber O Malabar Products

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**Interpretation:** The interpretation is that a valid settlement agreement, reflecting the

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**Application:** In this case, the settlement agreement was taken on record, indicating the

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## Parties

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

## Timeline

- **2021-07-14 — Hearing…**: Order sheet of the hearing on…
- **2021-07-14 — Settlement Agreement…**: Parties arrived at a settlement, which has…

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