# In the matter of Oren Hydrocarbon Pvt. Ltd. IBA-788-2019

> NCLT judgment dated 2019-10-01. Citation: TCN-2019-NCLT-01124. The case involves an application under the Insolvency and Bankruptcy Code (IBC). A memo and a…

- **Court:** NCLT
- **Order date:** 1 Oct 2019
- **Citation:** TCN-2019-NCLT-01124
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oren-hydrocarbon-pvt-ltd-iba-788-2019-0ba1bfa4

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). A memo and a Memorandum of Settlement were placed on record by the Counsel for the Corporate Debtor. The application was disposed of in light of the memo and the Memorandum of Settlement.

## Facts

Santosh Ltd filed a petition (IBA/788/2019) against Oren Hydrocarbons Pvt Ltd under Section 9 Rule 6 of the IBC. Counsels for both parties were present. The Corporate Debtor's counsel submitted a memo and a Memorandum of Settlement. The court disposed of the application based on the settlement, but allowed the Operational Creditor to revive the petition if the Corporate Debtor defaults on payments or if post-dated cheques are dishonored. The Memorandum of Settlement was dated 2019-09-26.

## Issues and analysis

### Issue 1: Whether the application under Section 9 Rule 6 of the IBC should be disposed of based on the …

**Ratio:** A settlement between parties can form the basis for disposing of an application under the

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**Reasoning:** The court reasoned that the Memorandum of Settlement indicated a resolution between the

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**Interpretation:** This interprets the IBC to allow for settlements between parties, promoting

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**Application:** The court applied this principle by disposing of the application after the

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## Parties

- **Judges:** Ch. Mohd Sharief…; Anil Ku…
- **Appellants:** SANTOSH…
- **Respondents:** Oren Hydrocarbons…

## Timeline

- **2019-10-01 — Hearing…**: Hearing held at 10.30…
- **2019-09-26 — Memorandum of…**: Memorandum of Settlement…

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