# In the matter of Neptune Ventures and Developers Private Limited IA No. 221 of 2021 in CP No. 443 (IB)-MB-C-II/-2020

> NCLT judgment dated 2021-05-31. Citation: TCN-2021-NCLT-02065. Acuserve Integrated Facilities Private Limited, the Operational Creditor, filed a Company…

- **Court:** NCLT
- **Order date:** 31 May 2021
- **Citation:** TCN-2021-NCLT-02065
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/neptune-ventures-and-developers-private-limited-ia-no-221-of-2021-in-cp-no-443-i-586f12cd

## Summary

### Background

Acuserve Integrated Facilities Private Limited, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Neptune Ventures & Developers Private Limited, the Corporate Debtor, for recovery of dues amounting to Rs. 28,51,896.00, comprising a principal of Rs. 27,03,788.00 and interest of Rs. 1,48,108.00, outstanding as of February 8, 2019. Subsequently, the Operational Creditor filed IA 221 of 2021 seeking withdrawal of the petition because both parties entered into a settlement agreement dated December 3, 2020, for a full and final settlement amount of Rs. 25,50,000/-.

## Facts

Acuserve Integrated Facilities Private Limited (Operational Creditor) initiated insolvency proceedings against Neptune Ventures & Developers Private Limited (Corporate Debtor) under Section 9 of the IBC, claiming outstanding dues of Rs. 28,51,896.00 as of February 8, 2019. The dues included a principal amount of Rs. 27,03,788.00 and interest of Rs. 1,48,108.00. Subsequently, both parties entered into a settlement agreement on December 3, 2020, agreeing to a full and final settlement amount of Rs. 25,50,000/-. As per the settlement terms, Rs. 10,00,000/- was to be paid immediately via pay order and cheque, and the remaining Rs. 15,50,000/- was to be paid in six monthly installments. The settlement agreement also stipulated that upon realization of all payments, a

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the petition filed by the Operational Creditor, based on …

**Ratio:** The legal principle applied is that parties are free to enter into settlement agreements

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**Reasoning:** The court reasoned that since both the Petitioner (Operational Creditor) and the

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**Interpretation:** The interpretation is that the court acknowledges the validity and

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Harihar Prakash…; Ravikumar…; +1 more
- **Appellants:** Acuserve Integrate…
- **Respondents:** Neptune Ventures…; Neptune Ventures…

## Timeline

- **2019-02-08 — Outstandin…**: Outstanding dues of Rs. 28,51,896.00 (principal of Rs. 27,03,788.00 and interest of Rs.…
- **2020-12-03 — Settlement Ag…**: Applicant and Respondent entered into agreement dated 03.12.2020, for full and final…

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