# In the matter of Prasad & Company (Project Works) Ltd. CP (IB) No. 770-9-HDB-2019

> NCLT judgment dated 2020-03-12. Citation: TCN-2020-NCLT-01572. The case pertains to a Company Petition filed under the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 12 Mar 2020
- **Citation:** TCN-2020-NCLT-01572
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/prasad-company-project-works-ltd-cp-ib-no-770-9-hdb-2019-94939192

## Summary

### Background

The case pertains to a Company Petition filed under the Insolvency and Bankruptcy Code (IBC). The matter was listed before the National Company Law Tribunal (NCLT), Hyderabad Bench. The petitioner and respondent were both present with their respective counsels.

## Facts

The Company Petition CP(IB) No. 770/9/HDB/2019 was filed before the National Company Law Tribunal (NCLT), Hyderabad Bench. Prasad& Company (Project Works) Ltd is the company and also the respondent. VVN Steels Pvt Ltd is the petitioner. Both the petitioner and the respondent, along with their respective counsels, were present during the hearing. The parties informed the court that the matter had been settled between them, and they had filed a joint memo of settlement. The court took the memo on record, and the petition was closed as settled.

## Issues and analysis

### Issue 1: Whether the settlement between the parties …

**Ratio:** When parties to a legal proceeding reach a settlement and present it to the court, the

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**Reasoning:** The court acknowledged the joint memo of settlement filed by the parties, indicating that

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**Interpretation:** The interpretation is that a settlement reached between parties in a legal

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**Application:** In this case, the parties presented a joint memo of settlement to the court.

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## Parties

- **Judges:** K. Anantha…; BINOD KUMAR…
- **Appellants:** VVN Steels…
- **Respondents:** Prasad& Company…

## Timeline

- **2020-03-12 — Hearing…**: Hearing held on 12.03.2020 at 10.30 AM where both parties stated that the matter has been…

## 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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