# In the matter of New Generation Media Corporation Pvt Ltd TCP-147-(IB)-2017

> NCLT judgment dated 2017-09-06. Citation: TCN-2017-NCLT-00463. The matter involves a compromise in the case of M/s. Three Sixteen Films against M/s. New…

- **Court:** NCLT
- **Order date:** 6 Sept 2017
- **Citation:** TCN-2017-NCLT-00463
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/new-generation-media-corporation-pvt-ltd-tcp-147-ib-2017-740aaef5

## Summary

### Background

The matter involves a compromise in the case of M/s. Three Sixteen Films against M/s. New Generation Media Corporation Pvt. Ltd. An order was previously passed on 2017-08-29 under Section 9 of the IBC, 2016, initiating the Corporate Insolvency Process and declaring a moratorium. However, no IRP name was proposed, leading to a direction for the Registry to refer to IBBI for IRP recommendation.

## Facts

Three Sixteen Films initiated a Corporate Insolvency Process against New Generation Media Corporation Pvt. Ltd. under Section 9 of the IBC, 2016. An order was passed on 2017-08-29, and a moratorium was declared. However, no Interim Resolution Professional (IRP) was proposed. The registry was directed to refer the matter to the IBBI for IRP recommendation. Subsequently, the parties filed a joint memo of compromise, indicating that the balance amount of Rs. 9 lakh had been paid by Demand Draft dated 2017-09-04. As a result, the court recalled the order dated 2017-08-29 and dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Process initiated against New Generation Media Corporation Pvt. …

**Ratio:** A court can terminate insolvency proceedings when parties reach a compromise and settle

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**Reasoning:** The court reasoned that the parties had reached a compromise, and the balance amount had

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**Interpretation:** This interprets the IBC to allow for flexibility and settlement between

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**Application:** Since Three Sixteen Films and New Generation Media Corporation Pvt. Ltd.

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## Parties

- **Judges:** CH. MOHD SHARIEF…; S. VIJAYARA…
- **Appellants:** THREE SIXTEEN…
- **Respondents:** NEW GENERATION…

## Timeline

- **2017-08-29 — Order Pa…**: An order was passed initiating the Corporate Insolvency Process under Section 9 of the…
- **2017-09-04 — Payment vi…**: The balance amount of Rs. 9 lakh was…

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