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

> NCLT judgment dated 2020-03-18. Citation: TCN-2020-NCLT-01462. 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-01462
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/p-k-chowdhury-sons-pvt-ltd-cp-ib-05-gb-2020-b6096fee

## 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.

## 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, duly signed by both parties, was filed, indicating that the matter had been settled between them. As part of the settlement, the applicant received Rs.3,25,000.00 (Rupees Three lacs Twenty Five thousand only) towards full and final settlement of their claim. The relevance of these facts is that they demonstrate a resolution of the dispute outside of the formal insolvency process, leading to the withdrawal of 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:** The legal principle applied is that when parties to a legal proceeding reach a

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**Reasoning:** The court reasoned that since a joint application was filed by both parties, indicating a

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**Interpretation:** The interpretation is that a settlement between parties in an insolvency

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**Application:** In this specific case, the ratio and reasoning were applied by taking the joint

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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,…
- **2020-01-01 — CP (IB) No.05/GB/2020…**: Company Petition (IB)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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