# In the matter of Manju Foundations Pvt. Ltd. IBA-1453-2019

> NCLT judgment dated 2021-02-18. Citation: TCN-2021-NCLT-03007. The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). A Joint…

- **Court:** NCLT
- **Order date:** 18 Feb 2021
- **Citation:** TCN-2021-NCLT-03007
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/manju-foundations-pvt-ltd-iba-1453-2019-a07bedec

## Summary

### Background

The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). A Joint Memorandum of Compromise (JMC) was filed before the National Company Law Tribunal (NCLT), Chennai.

## Facts

The petitioner, Pancha Sheela Earla, filed a petition against the respondent, Manju Foundations (P) Ltd, under Section 7 of the IBC. During the proceedings, a Joint Memorandum of Compromise (JMC) was filed by the parties on 2021-02-17. The petitioner's counsel appeared via video conferencing, while no one appeared for the Corporate Debtor. Based on the JMC, the tribunal dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the IBC should be dismissed based on the Joint …

**Ratio:** A petition can be dismissed if the parties involved reach a compromise and file a Joint

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**Reasoning:** The court reasoned that since a Joint Memorandum of Compromise (JMC) was filed, it

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**Interpretation:** The interpretation is that the filing of a JMC signifies a resolution between

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**Application:** In this case, the filing of the JMC led to the dismissal of the petition, as

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** Pancha Sheela…
- **Respondents:** Manju Foundations…

## Timeline

- **2021-02-17 — Filing of Joint…**: A Joint Memorandum of Compromise (JMC) was…
- **2021-02-18 — Hearing and…**: The National Company Law Tribunal (NCLT) held a hearing and dismissed the petition as…

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