# In the matter of Maxworth Infrastructure Pvt. Ltd. IA-2554 & 2865-ND-2021 in (IB)-1582(ND)2019

> NCLT judgment dated 2021-07-12. Citation: TCN-2021-NCLT-01786. The case involves Construmart Online Pvt. Ltd. as the applicant and Maxworth Infrastructure…

- **Court:** NCLT
- **Order date:** 12 Jul 2021
- **Citation:** TCN-2021-NCLT-01786
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maxworth-infrastructure-pvt-ltd-ia-2554-2865-nd-2021-in-ib-1582nd2019-fd6c7af5

## Summary

### Background

The case involves Construmart Online Pvt. Ltd. as the applicant and Maxworth Infrastructure Pvt. Ltd. as the respondent. The matter was brought before the National Company Law Tribunal (NCLT), New Delhi, under Section 9 of the Insolvency and Bankruptcy Code (IBC).

## Facts

Construmart Online Pvt. Ltd. initiated proceedings against Maxworth Infrastructure Pvt. Ltd. under Section 9 of the IBC. An application, IA-2865/ND/2021, was filed along with Form-FA. A settlement was reached between Construmart Online Pvt. Ltd. (the Operational Creditor) and Maxworth Infrastructure Pvt. Ltd. (the Corporate Debtor). Due to this settlement, the court dismissed the initial Corporate Insolvency Resolution Process (CIRP) application, C.P. IB-1582/ND/2019, as withdrawn. Consequently, Maxworth Infrastructure Pvt. Ltd. was discharged from the CIRP, and the Interim Resolution Professional (IRP) was discharged from their duties. The application IA-2554/ND/2021 and other pending applications were rendered infructuous because of this settlement.

## Issues and analysis

### Issue 1: Whether the settlement between the Operational Creditor and the Corporate Debtor warrants the …

**Ratio:** A settlement between the Operational Creditor and the Corporate Debtor can form a valid

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**Reasoning:** The court acknowledged the settlement reached between the parties and considered the

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**Interpretation:** This interpretation aligns with the principle that parties are free to settle

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**Application:** In this case, the settlement between Construmart Online Pvt. Ltd. and Maxworth

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## Parties

- **Judges:** P.S.N. P…; SUMITAPURKA…
- **Appellants:** Construmart…
- **Respondents:** Maxworth Infrastru…
- **Advocates:** Ankur Si…; Sushil Ka…; +4 more

## Timeline

- **2019-01-01 — Filing of C.P.…**: Form-FA filed along with…
- **2021-07-12 — Order Del…**: Order delivered on 12.07.2021, dismissing C.P. IB-1582/ND/2019 as withdrawn due 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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