# 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-01458. The case pertains to 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-01458
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/p-k-chowdhury-and-sons-pvt-ltd-cp-ib-05-gb-2020-f7cfc646

## Summary

### Background

The case pertains to 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., initiated the insolvency proceedings against the respondent, P. K. Chowdhury & Sons Pvt. Ltd. for an unspecified claim. The matter was listed before the National Company Law Tribunal (NCLT), Guwahati Bench.

## Facts

Kkalpana Industries (India) Ltd., the applicant/operational creditor, initiated insolvency proceedings against P. K. Chowdhury & Sons Pvt. Ltd., the respondent/corporate debtor, under Section 9 of the Insolvency & Bankruptcy Code, 2016. The respondent remained ex-parte during the proceedings. However, a joint application, signed by both parties, was filed, indicating that the matter had been settled. The applicant received Rs.3,25,000.00 from the respondent as full and final settlement of their claim. This settlement led to the applicant withdrawing the company petition.

## Issues and analysis

### Issue 1: Whether the company petition CP (IB) No.05/GB/2020 should 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 entered into a settlement and a joint

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**Interpretation:** The interpretation is that the court acknowledges and respects the autonomy of

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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- **2020-03-18 — Settlement R…**: Company petition disposed of as being withdrawn by recording the settlement entered into…

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