# In the matter of Power Pack Steel Industries Pvt. Ltd. CP(IB) No. 121-CTB-2019

> NCLT judgment dated 2021-02-15. Citation: TCN-2021-NCLT-03043. The case pertains to CP(IB) No. 121/CTB/2019 before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 15 Feb 2021
- **Citation:** TCN-2021-NCLT-03043
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/power-pack-steel-industries-pvt-ltd-cpib-no-121-ctb-2019-5130e71b

## Summary

### Background

The case pertains to CP(IB) No. 121/CTB/2019 before the National Company Law Tribunal (NCLT), Cuttack Bench. A Memorandum of Understanding (MoU) dated 31.12.2020 was arrived at between the parties.

## Facts

A petition was filed under Section 9 of the IBC. A Memorandum of Understanding (MoU) dated 31.12.2020 was reached between the petitioner and the respondent. According to the MoU, the respondent agreed to make a payment on or before 31.03.2021. The petitioner's counsel stated that the matter had been settled out of court. Consequently, the court dismissed the petition with liberty.

## Issues and analysis

### Issue 1: Whether the petition should be dismissed given the settlement between the parties as per the …

**Ratio:** When parties to a legal dispute reach a settlement out of court and the terms of the

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**Reasoning:** The court reasoned that since the parties had settled the matter out of court, as

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**Interpretation:** This interpretation suggests that courts are inclined to respect and enforce

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**Application:** In this case, the existence of the MoU and the respondent's commitment to

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## Parties

- **Judges:** Sucharitha…; Satya Ranjan…
- **Appellants:** Bijay…
- **Respondents:** Kanodia Alloy…; Saswat K. A…

## Timeline

- **2020-12-31 — Memorandum of…**: A Memorandum of Understanding (MoU)…
- **2021-03-31 — Payment De…**: The respondent agreed to make payment on…

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