# In the matter of NCS Sugars Ltd. CP(IB) No.313-9-HDB-2018

> NCLT judgment dated 2018-11-29. Citation: TCN-2018-NCLT-00268. The case involves a company petition under the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 29 Nov 2018
- **Citation:** TCN-2018-NCLT-00268
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ncs-sugars-ltd-cpib-no313-9-hdb-2018-28662071

## Summary

### Background

The case involves a company petition under the Insolvency and Bankruptcy Code (IBC). The operational creditor's PCS is present, as is the counsel for the corporate debtor. It was brought to the Tribunal's notice that the corporate debtor remitted only Rs. 10 lakhs out of Rs. 8 crores to the operational creditor.

## Facts

The case involves NCS Sugars Ltd as the corporate debtor and Agarwal Coal Corporation Pvt Ltd as the operational creditor. A petition was filed under Section 9 of the IBC. The corporate debtor remitted only Rs. 10 lakhs out of Rs. 8 crores to the operational creditor. The counsel for the corporate debtor requested time, stating a likelihood of settlement between the parties. This partial remittance and the request for time are key facts influencing the Tribunal's decision to grant a final opportunity for settlement.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant additional time for the parties to attempt a settlement given the …

**Ratio:** The Tribunal has the discretion to provide opportunities for settlement between parties

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**Reasoning:** The Tribunal considered the submission by the corporate debtor's counsel regarding the

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**Interpretation:** The interpretation involves balancing the need for timely resolution of

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**Application:** In this specific case, the ratio is applied by granting the corporate debtor a

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** Agarwal Coal…
- **Respondents:** NCS Sugar…
- **Advocates:** Ramakrishna…; Nitish…; +1 more

## Timeline

- **2018-11-29 — Hearing…**: Hearing held on 29.11.2018 at 10.30 AM. The Tribunal was informed that the corporate…

## 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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