# In the matter of New Consolidated Construction Co. Ltd. C.P.(IB)-432(MB)-2020

> NCLT judgment dated 2020-03-02. Citation: TCN-2020-NCLT-01716. The case involves J. Kumar Infra Projects Ltd as the Operational Creditor and New Consolidated…

- **Court:** NCLT
- **Order date:** 2 Mar 2020
- **Citation:** TCN-2020-NCLT-01716
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/new-consolidated-construction-co-ltd-cpib-432mb-2020-6bf7001a

## Summary

### Background

The case involves J. Kumar Infra Projects Ltd as the Operational Creditor and New Consolidated Construction Co. Ltd. The Operational Creditor's counsel is present, but there is no representation for the Corporate Debtor. The Operational Creditor submitted a Memorandum of Settlement dated 2020-02-28, which was taken on record.

## Facts

J. Kumar Infra Projects Ltd is the Operational Creditor. New Consolidated Construction Co. Ltd is the other party. A Memorandum of Settlement dated 2020-02-28 was submitted by the Operational Creditor's counsel. The Corporate Debtor had no representation. The key fact is the settlement agreement, which led to the dismissal of the case as withdrawn. The settlement agreement is the basis for the court's decision.

## Issues and analysis

### Issue 1: Whether C.P.(IB)-432(MB)/2020 should be dismissed as withdrawn based on the submitted Memorandum of …

**Ratio:** A case can be dismissed as withdrawn if the

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**Reasoning:** The court reasoned that since a Memorandum of Settlement was submitted and taken on

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**Interpretation:** The interpretation is that a settlement agreement provides a valid basis for

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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:** Rajasekha…; RAJESH S…
- **Appellants:** J. Kumar Infra…
- **Respondents:** New Consolidated…

## Timeline

- **2020-02-28 — Memorandum of S…**: Memorandum of Settlement submitted by…
- **2020-03-02 — Order Sheet of…**: C.P.(IB)-432(MB)/2020 is…

## 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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