# 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-02071. The case involves a Company Petition filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 31 May 2021
- **Citation:** TCN-2021-NCLT-02071
- **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-ecccb8ba

## Summary

### Background

The case involves a Company Petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Acuserve Integrated Facilities Private Limited (Operational Creditor) against Neptune Ventures & Developers Private Limited (Corporate Debtor) for recovery of dues amounting to Rs. 28,51,896.00, outstanding as of 08.02.2019. The Operational Creditor initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to unpaid operational debt.

## Facts

Acuserve Integrated Facilities Private Limited (Operational Creditor) filed a Company Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Neptune Ventures & Developers Private Limited (Corporate Debtor) for recovery of dues amounting to Rs. 28,51,896.00, outstanding as of 08.02.2019. The dues included a principal amount of Rs. 27,03,788.00 and interest of Rs. 1,48,108.00. The Operational Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. Subsequently, the parties entered into a settlement agreement dated 03.12.2020, for a full and final settlement amount of Rs. 25,50,000/-. As per the settlement, an amount of INR [Rs. 10,00,000/-] was to be paid in the following manner: Rs.

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition based on a settlement agreement …

**Ratio:** The legal principle applied is that parties are free to settle their disputes amicably,

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

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**Interpretation:** This interpretation acknowledges the importance of promoting settlements in

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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…; RavikumarDu…
- **Appellants:** Acuserve Integrate…
- **Respondents:** Neptune Ventures…

## Timeline

- **2019-02-08 — Dues Outst…**: Dues of Rs. 28,51,896.00 (principal of Rs. 27,03,788.00 and interest of Rs. 1,48,108.00)…
- **2020-12-03 — Settlement Ag…**: Applicant and Respondent entered into agreement for full and final settlement amount of…

## 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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