# 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-01469. The case involves a company petition CP (IB) No.05/GB/2020 filed under Section 9 of the…

- **Court:** NCLT
- **Order date:** 18 Mar 2020
- **Citation:** TCN-2020-NCLT-01469
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/p-k-chowdhury-and-sons-pvt-ltd-cp-ib-05-gb-2020-aea82342

## Summary

### Background

The case involves a company petition CP (IB) No.05/GB/2020 filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. The applicant, Kkalpana Industries (India) Ltd., is the operational creditor, and the respondent, P. K. Chowdhury & Sons Pvt. Ltd., is the corporate debtor. The matter was listed before the National Company Law Tribunal (NCLT), Guwahati Bench.

## Facts

Kkalpana Industries (India) Ltd., the operational creditor, initiated insolvency proceedings against P. K. Chowdhury & Sons Pvt. Ltd., the corporate debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016. During the proceedings, both parties filed a joint application stating that they had reached a settlement. The applicant/operational creditor received Rs.3,25,000.00 as full and final settlement. The respondent/corporate debtor remained ex-parte. The relevance of the settlement is that it led to the withdrawal of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the company petition CP (IB) No.05/GB/2020 can be disposed of based on the settlement …

**Ratio:** A settlement between parties in an insolvency proceeding can form the basis for disposing

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**Reasoning:** The court reasoned that since both parties had filed a joint application indicating a

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**Interpretation:** This interprets the provisions of the Insolvency & Bankruptcy Code, 2016,

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**Application:** In this case, the joint application and the receipt of the settlement amount by

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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 March, 2020,…

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