# In the matter of Matashree Snacks Pvt. Ltd. CA (IB) No. 104-KB-2020 in CP(IB)No. 1077-KB-2019

> NCLT judgment dated 2020-01-17. Citation: TCN-2020-NCLT-02297. CA(IB) No. 104/KB/2020 was filed under Section 12A of the Code by the Interim Resolution…

- **Court:** NCLT
- **Order date:** 17 Jan 2020
- **Citation:** TCN-2020-NCLT-02297
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/matashree-snacks-pvt-ltd-ca-ib-no-104-kb-2020-in-cpibno-1077-kb-2019-34ae6f2d

## Summary

### Background

CA(IB) No. 104/KB/2020 was filed under Section 12A of the Code by the Interim Resolution Professional (IRP) to record the settlement of the dispute between the Operational Creditor and the Corporate Debtor. The Committee of Creditors (CoC) had not been constituted, and a settlement agreement was entered into.

## Facts

Arihant Techno Pack Pvt. Ltd. initiated a case against Matashree Snacks Pvt. Ltd. under Section 9 of the IBC. CA(IB) No. 104/KB/2020 was filed by the IRP under Section 12A of the Code to record the settlement of the dispute between the Operational Creditor and the Corporate Debtor. No CoC had been constituted, and a settlement agreement was entered into. The IRP stated that no claim was received pursuant to the publication of notice in newspapers. The IRP's fees and costs were paid.

## Issues and analysis

### Issue 1: Whether the settlement agreement between the Operational Creditor and the Corporate Debtor can be …

**Ratio:** Rule 11 of the NCLT Rules, 2016 allows for the recording of a settlement if no CoC has

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**Reasoning:** The court noted that no CoC had been constituted and a settlement agreement had been

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**Interpretation:** Rule 11 of the NCLT Rules, 2016 provides a mechanism for recording settlements

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**Application:** Since no CoC was formed and a settlement agreement was in place, the court

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Arihant Techno…
- **Respondents:** Matashree Snacks…

## Timeline

- **2020-01-17 — Hearing…**: Hearing held on January…
- **2020-01-17 — Order Da…**: Order issued on January 17,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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