# In the matter of P K Chowdhury and Sons Pvt. Ltd. CP (IB) 05-GB-2020

> NCLT judgment dated 2020-03-18. Citation: TCN-2020-NCLT-01465. The case involves an application under Section 9 of the Insolvency & Bankruptcy Code, 2016.…

- **Court:** NCLT
- **Order date:** 18 Mar 2020
- **Citation:** TCN-2020-NCLT-01465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/p-k-chowdhury-and-sons-pvt-ltd-cp-ib-05-gb-2020-a164aab9

## Summary

### Background

The case involves an application under Section 9 of the Insolvency & Bankruptcy Code, 2016. Kkalpana Industries (India) Ltd., the applicant/operational creditor, initiated proceedings against P. K. Chowdhury & Sons Pvt. Ltd., the respondent/corporate debtor. The matter was before the National Company Law Tribunal (NCLT), Guwahati Bench.

## Facts

Kkalpana Industries (India) Ltd. initiated insolvency proceedings against P. K. Chowdhury & Sons Pvt. Ltd. under Section 9 of the Insolvency & Bankruptcy Code, 2016. The respondent, P. K. Chowdhury & Sons Pvt. Ltd., remained ex-parte during the proceedings. A joint application was filed, indicating that both parties had reached a settlement. As part of the settlement, Kkalpana Industries (India) Ltd. received Rs. 3,25,000.00 from P. K. Chowdhury & Sons Pvt. Ltd. towards full and final settlement of their claim. This settlement led to the withdrawal of the company petition.

## Issues and analysis

### Issue 1: Whether the settlement between the applicant/operational creditor and the respondent/corporate …

**Ratio:** When parties to a legal proceeding reach a settlement and jointly request the disposal of

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**Reasoning:** The court reasoned that since both parties had entered into a settlement and jointly

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**Interpretation:** This legal principle allows for the efficient resolution of disputes when

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**Application:** In this case, the joint application filed by Kkalpana Industries (India) Ltd.

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## Parties

- **Judges:** Hari Venkata…
- **Appellants:** Kkalpana Industrie…
- **Respondents:** P. K. Chowdhury &…

## Timeline

- **2020-03-18 — Order Del…**: Order delivered on 18th…
- **2020-03-18 — Settlement and…**: Company petition disposed of as…

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