# In the matter of Pobi Technologies & Construction Pvt. Ltd. CP(IB)No. 375-KB-2019

> NCLT judgment dated 2020-01-27. Citation: TCN-2020-NCLT-02185. The matter pertains to CP(IB)No.375/KB/2019 before the National Company Law Tribunal, Kolkata…

- **Court:** NCLT
- **Order date:** 27 Jan 2020
- **Citation:** TCN-2020-NCLT-02185
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pobi-technologies-construction-pvt-ltd-cpibno-375-kb-2019-92997ca9

## Summary

### Background

The matter pertains to CP(IB)No.375/KB/2019 before the National Company Law Tribunal, Kolkata Bench. An ex parte order dated 16/01/2020 was set aside on the condition of payment of Rs. 1 Lakh to the Operational Creditor within a week. The Operational Creditor claimed that the amount was not paid, but the matter was settled, and a Memorandum of Understanding (MOU) was entered into between the Operational Creditor and the Corporate Debtor.

## Facts

S.K Engineering filed a case against Pobi Technologies & Construction Pvt. Ltd. under Section 9 of the IBC. An ex parte order was passed on 2020-01-16, which was later set aside on the condition that the Corporate Debtor pay Rs. 1 Lakh to the Operational Creditor within a week. The Operational Creditor claimed non-payment, but the parties entered into a Memorandum of Understanding (MOU) to settle the matter. The Corporate Debtor had deposited Rs. 3 Lakhs in an ESCROW account. The matter was jointly submitted as settled out of the Tribunal.

## Issues and analysis

### Issue 1: Whether the Tribunal should allow the withdrawal of the CP given the settlement between the …

**Ratio:** When parties reach a settlement, the Tribunal has the discretion to allow the withdrawal

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**Reasoning:** The court reasoned that since the parties had settled the matter out of court and jointly

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**Interpretation:** This interprets the Tribunal's power to facilitate settlements and allow

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**Application:** The settlement between S.K Engineering and Pobi Technologies & Construction

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** S.K. Engin…
- **Respondents:** Pobi Technologies…

## Timeline

- **2020-01-16 — Ex Parte…**: An ex parte order was…
- **2020-01-27 — Hearing…**: Hearing held on January…

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