# In the matter of Mindlogicx Infratech Ltd CP(IB) No. 275-BB-2019

> NCLT judgment dated 2019-11-29. Citation: TCN-2019-NCLT-00386. The case involves a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B…

- **Court:** NCLT
- **Order date:** 29 Nov 2019
- **Citation:** TCN-2019-NCLT-00386
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mindlogicx-infratech-ltd-cpib-no-275-bb-2019-80d31192

## Summary

### Background

The case involves a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code). The matter was pending due to ongoing settlement discussions between the parties. The Respondent's counsel sent a letter proposing a settlement, which included an initial payment of Rs. 1 Crore and subsequent payments totaling Rs. 7.50 Crores. The Petitioner's counsel denied receiving the letter and requested time to obtain instructions from the Corporation Bank.

## Facts

M/s Corporation Bank initiated a Corporate Insolvency Resolution Process (CIRP) against M/s Mindlogicx Infratech Ltd under Section 7 of the I&B Code, 2016. The case was prolonged due to settlement talks. The Respondent proposed a settlement involving an initial payment of Rs. 1 Crore on December 20, 2019, and subsequent payments totaling Rs. 7.50 Crores to be completed by November 20, 2020. The Petitioner's counsel denied receiving the settlement letter. The court directed the Petitioner to file an affidavit from the Bank confirming the settlement proposal.

## Issues and analysis

### Issue 1: Whether the settlement proposal made by the …

**Ratio:** A settlement requires mutual agreement and acceptance by all parties involved. The court

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**Reasoning:** The court needs to ensure that the settlement proposal is acceptable to the Petitioner,

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**Interpretation:** The legal issue revolves around the principle of consensus ad idem (meeting of

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**Application:** The court directed the Petitioner to file an affidavit to confirm whether the

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s. Corporation…
- **Respondents:** M/s Mindlogicx…
- **Advocates:** V.B. Ravis…; Sanjay Se…; +1 more

## Timeline

- **2019-11-27 — Settlement Proposal…**: Respondent's counsel sent a letter to the Chief Manager of Corporation Bank proposing a…
- **2019-11-29 — Court He…**: Court heard the counsels and directed the Petitioner to file an affidavit from the Bank…

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