# In the matter of New Bridge Business Centre Private LImited CP (IB) No. 44-17

> NCLT judgment dated 2018-02-12. Citation: TCN-2018-NCLT-01847. The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 12 Feb 2018
- **Citation:** TCN-2018-NCLT-01847
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/new-bridge-business-centre-private-limited-cp-ib-no-44-17-def10916

## Summary

### Background

The case involves a petition filed under the Insolvency and Bankruptcy Code (IBC). The petitioner and respondent have reached a settlement agreement during the pendency of the proceedings. The parties have agreed to settle the matter amicably, with the respondent agreeing to pay the principal amount to the petitioner as per the terms of the settlement agreement.

## Facts

360 Degree Infrastructure Private Limited, the Applicant/Operational Creditor, initiated proceedings against New Bridge Business Centre Private Limited, the Corporate Debtor. During the pendency of the proceedings, both parties entered into a settlement agreement dated 2018-02-12, where the Respondent agreed to pay the entire principal amount to the Petitioner according to the agreement's terms. The Petitioner also agreed to accept the principal amount as per the agreement. The settlement agreement was submitted as Annexure A. The petition was listed before the Bench for a report of settlement. The counsel for both the Petitioner and Respondent filed a memo indicating their mutual understanding and desire to amicably settle the case. The Operational Creditor requested

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## Issues and analysis

### Issue 1: Whether the petition should be dismissed in view of the settlement agreement reached between the …

**Ratio:** A court may dismiss a petition when the parties have reached a settlement agreement and

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**Reasoning:** The court considered the settlement agreement presented as Annexure A, where the

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

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**Application:** In this case, the court applied the ratio by dismissing the petition after the

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## Parties

- **Judges:** Ratakonda…; Ashok Kumar…; +1 more
- **Appellants:** 360 Degree…
- **Respondents:** New Bridge…
- **Advocates:** Abhijith…; Revat…

## Timeline

- **2018-02-12 — Settlement Agreement…**: The parties entered into…
- **2018-02-12 — Order Del…**: Order delivered on this…

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