# In the matter of MPR Refractories Ltd. CP (IB) No. 62-9-HDB-2020

> NCLT judgment dated 2021-07-08. Citation: TCN-2021-NCLT-01808. The case pertains to a transfer petition before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 8 Jul 2021
- **Citation:** TCN-2021-NCLT-01808
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mpr-refractories-ltd-cp-ib-no-62-9-hdb-2020-649235d4

## Summary

### Background

The case pertains to a transfer petition before the National Company Law Tribunal (NCLT), Hyderabad Bench. The hearing was conducted via video conference on July 8, 2021. The matter involves MPR Refractories Ltd as both the company and the respondent, and Orient Abrasives Ltd as the petitioner.

## Facts

The case involves a transfer petition with CP(IB) No.62/9/HDB/2020. MPR Refractories Ltd is both the company and the respondent, while Orient Abrasives Ltd is the petitioner. The case is filed under Section 9 of the IBC (Insolvency and Bankruptcy Code). During the hearing, no one appeared for the Operational Creditor, but the Learned Counsel for the Corporate Debtor appeared via video conference and submitted that the matter is settled. The court recorded this statement and disposed of the proceedings, granting the Operational Creditor the liberty to file a fresh petition if the settlement terms are defaulted upon. The key fact is the settlement submission by the Corporate Debtor's counsel, leading to the disposal of the case with a conditional liberty for the

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## Issues and analysis

### Issue 1: Whether the submission by the Learned Counsel for the Corporate Debtor regarding the settlement of …

**Ratio:** A settlement between parties, when presented to the court by a legal representative, can

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**Reasoning:** The court's reasoning is based on the principle that parties are free to settle their

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**Interpretation:** This legal issue involves the interpretation of the court's power to dispose of

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**Application:** In this specific case, the court applied the ratio by accepting the submission

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## Parties

- **Judges:** Madan B.…; Dr.Binod Kumar…
- **Appellants:** Orient Abrasives…
- **Respondents:** MPR Refractories…

## Timeline

- **2021-07-08 — Hearing…**: Hearing held on 08.07.2021 at…
- **2020-01-01 — Case Fil…**: CP(IB) No.62/9/HDB/2020…

## 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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