# In the matter of Nucleus Premium Properties Private Limited IBA-14-KOB-2020

> NCLT judgment dated 2020-04-22. Citation: TCN-2020-NCLT-01408. This case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 22 Apr 2020
- **Citation:** TCN-2020-NCLT-01408
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nucleus-premium-properties-private-limited-iba-14-kob-2020-1b4f86e9

## Summary

### Background

This case involves a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, by Epic Monk (Operational Creditor/Petitioner) against Nucleus Premium Properties Private Limited (Corporate Debtor/Respondent). The operational creditor sought the initiation of corporate insolvency resolution process (CIRP) against the corporate debtor for default in payment of outstanding dues.

## Facts

Epic Monk, the operational creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016, against Nucleus Premium Properties Private Limited, the corporate debtor, for outstanding dues amounting to ₹11,85,310. Subsequently, the operational creditor submitted a withdrawal memo stating that the corporate debtor had paid ₹2,00,000 towards the total due. A settlement agreement was reached on 18.03.2020, wherein the corporate debtor agreed to settle the remaining balance of ₹9,85,310 on or before 30.06.2020. The operational creditor then requested the withdrawal of the IBA No.14/KOB/2020, with a prayer to include the settlement agreement as part of the order. The court considered the withdrawal memo and the settlement agreement and disposed of the

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## Issues and analysis

### Issue 1: Whether the IBA No.14/KOB/2020 should be disposed of as withdrawn based on the settlement agreement …

**Ratio:** When parties reach a settlement and the operational creditor seeks to withdraw the

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**Reasoning:** The court considered the withdrawal memo filed by the operational creditor and the

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**Interpretation:** This legal issue revolves around the interpretation of the Insolvency and

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**Application:** In this specific case, the operational creditor and the corporate debtor

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## Parties

- **Judges:** Ashok Kumar…; Veera Brahma Rao…
- **Appellants:** Epic…
- **Respondents:** Nucleus Premium…

## Timeline

- **2020-03-18 — Settlement Ag…**: A settlement agreement was entered into between the Operational Creditor and Corporate…
- **2020-04-17 — Withdrawal Memo…**: The operational creditor submitted a withdrawal memo stating that the corporate debtor 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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