# In the matter of Ninex Developers Ltd. (IB)-281(PB)-2019

> NCLT judgment dated 2019-05-02. Citation: TCN-2019-NCLT-03554. The case involves an application under Section 7 of the Insolvency & Bankruptcy Code, 2016. An…

- **Court:** NCLT
- **Order date:** 2 May 2019
- **Citation:** TCN-2019-NCLT-03554
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ninex-developers-ltd-ib-281pb-2019-d73f1f95

## Summary

### Background

The case involves an application under Section 7 of the Insolvency & Bankruptcy Code, 2016. An amicable settlement was reached between the parties, with final details worked out and post-dated cheques issued for payment by September 2019.

## Facts

BDR Finvest Pvt. Ltd. filed a petition against Ninex Developers Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. The parties reached an amicable settlement, with post-dated cheques issued to be paid by September 2019. As a result of this settlement, BDR Finvest Pvt. Ltd. withdrew the petition. The court dismissed the petition, granting BDR Finvest Pvt. Ltd. the liberty to file a new application if Ninex Developers Ltd. violates the terms of the settlement. The amicable settlement is the key fact that led to the dismissal of the petition.

## Issues and analysis

### Issue 1: Whether the petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 should be …

**Ratio:** When parties to a legal proceeding reach an amicable settlement, the court may dismiss

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**Reasoning:** The court reasoned that since the parties had reached an amicable settlement and the

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

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

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** BDR Finvest Pvt.…
- **Respondents:** Ninex Developers…
- **Advocates:** Anand Chh…; Sanjay Go…; +6 more

## Timeline

- **2016-01-01 — Enactment…**: The Insolvency & Bankruptcy…
- **2019-05-02 — Order Del…**: The order was delivered dismissing the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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