# 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-03039. 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-03039
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/power-pack-steel-industries-pvt-ltd-cpib-no-121-ctb-2019-e3def02a

## 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 involved in the case.

## Facts

The case is CP(IB) No. 121/CTB/2019. A Memorandum of Understanding (MoU) dated 31.12.2020 was agreed upon between the parties. The respondent agreed to make payment on or before 31.03.2021. The matter was settled out of court. The petitioner's counsel stated the MoU's existence and terms. The court dismissed the petition with liberty due to the settlement.

## Issues and analysis

### Issue 1: Whether the petition should be dismissed given the settlement reached between the parties out of …

**Ratio:** When parties to a legal dispute reach a settlement out of court, the court may dismiss

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

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**Interpretation:** This legal issue involves the interpretation of the court's power to dismiss a

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**Application:** In this specific case, the ratio and reasoning were applied to the facts that

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## Parties

- **Judges:** Sucharit…; 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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