# In the matter of Orris Infrastructure Pvt. Ltd. (IB)-24(PB)-2019

> NCLT judgment dated 2019-03-07. Citation: TCN-2019-NCLT-04554. The case involves Rachanan Gautam & Ors. as the applicant/petitioner against Orris…

- **Court:** NCLT
- **Order date:** 7 Mar 2019
- **Citation:** TCN-2019-NCLT-04554
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/orris-infrastructure-pvt-ltd-ib-24pb-2019-65839bcc

## Summary

### Background

The case involves Rachanan Gautam & Ors. as the applicant/petitioner against Orris Infrastructure Pvt. Ltd. as the respondent. The order pertains to Section 7 of the Insolvency & Bankruptcy Code, 2016. The corporate debtor-respondent's counsel stated that an amicable settlement was reached between the parties, and two separate settlement deeds were executed on 07.02.2019 and placed on record.

## Facts

Rachanan Gautam & Ors. filed a petition against Orris Infrastructure Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. During the proceedings, the counsel for the corporate debtor-respondent, Mr. Gaurav Kejriwal, informed the court that an amicable settlement had been reached between the parties. Two separate settlement deeds were executed on February 7, 2019, and placed on record. The court noted that due to the settlement, it could not be determined that the claimed amount was due and payable as of the date within the meaning of Section 3(12) of the Code. This settlement is a key fact that influenced the court's decision to dispose of the petition, while granting the petitioner the liberty to revive the proceedings if the settlement terms

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## Issues and analysis

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

**Ratio:** A petition can be disposed of if the parties have reached an amicable settlement,

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

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**Interpretation:** This legal issue involves the interpretation of the Insolvency & Bankruptcy

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**Application:** In this specific case, the court applied the ratio by acknowledging the

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Rachanan Gautam &…
- **Respondents:** ORRIS INFRASTRUCTU…
- **Advocates:** Nidhesh…; Gaurav Ke…

## Timeline

- **2019-02-07 — Settlement Deeds…**: Two separate settlement deeds were…
- **2019-03-07 — Order Del…**: The court delivered the order disposing of…

## 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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