# In the matter of Nagarjuna Fertilizers & Chemicals Ltd. CP(IB) No. 412-9-HDB-2018

> NCLT judgment dated 2019-09-03. Citation: TCN-2019-NCLT-01588. The case involves a company petition/application CP(IB) No. 412/9/HDB/2018 before the National…

- **Court:** NCLT
- **Order date:** 3 Sept 2019
- **Citation:** TCN-2019-NCLT-01588
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nagarjuna-fertilizers-chemicals-ltd-cpib-no-412-9-hdb-2018-906f08d0

## Summary

### Background

The case involves a company petition/application CP(IB) No. 412/9/HDB/2018 before the National Company Law Tribunal (NCLT), Hyderabad Bench. The matter was listed for hearing on September 3, 2019. The petitioner is KPR Agrochem Ltd, and the respondent is Nagarjuna Fertilizers & Chemicals Ltd. The case is under Section 9 of the IBC.

## Facts

KPR Agrochem Ltd filed a company petition/application CP(IB) No. 412/9/HDB/2018 against Nagarjuna Fertilizers & Chemicals Ltd under Section 9 of the IBC. During the hearing on September 3, 2019, both parties' counsels stated that the matter had been settled. They filed a joint memo of settlement, which the court took on record. Consequently, the court closed the case as settled.

## Issues and analysis

### Issue 1: Whether the settlement between KPR Agrochem Ltd and Nagarjuna Fertilizers & Chemicals Ltd can …

**Ratio:** A settlement reached between parties in a legal dispute can be recognized and enforced by

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**Reasoning:** The court acknowledged the counsels' statement that the matter had been settled and the

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**Interpretation:** This reflects the principle that courts generally favor settlements as a means

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

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## Parties

- **Judges:** K. Anantha…; Binod Kumar…
- **Appellants:** KPR Agroch…
- **Respondents:** Nagarjuna…

## Timeline

- **2018-01-01 — Company Petiti…**: CP(IB) No. 412/9/HDB/201…
- **2019-09-03 — Hearing…**: Hearing held on 03.09.2019 at 10.30 AM.…

## 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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