# In the matter of Prashant Plastic Industries LLP C.P. (IB)701-(MB)-2019

> NCLT judgment dated 2019-08-23. Citation: TCN-2019-NCLT-01798. The case pertains to an application filed under Section 9 of the Bankruptcy and Insolvency Act,…

- **Court:** NCLT
- **Order date:** 23 Aug 2019
- **Citation:** TCN-2019-NCLT-01798
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/prashant-plastic-industries-llp-cp-ib701-mb-2019-197ba689

## Summary

### Background

The case pertains to an application filed under Section 9 of the Bankruptcy and Insolvency Act, 2016. The Operational Creditor sought leave of the court to file consent terms.

## Facts

Masani Polymers Pvt Ltd filed a petition against Prashant Plastic Industries LLP under Section 9 of the Bankruptcy and Insolvency Act, 2016. The Operational Creditor sought leave of the court for filing consent terms. The court allowed the prayer, took the consent terms on record, and dismissed the petition as withdrawn. This indicates that the parties reached a settlement, leading to the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the court should grant leave for …

**Ratio:** The court has the discretion to allow parties to file consent terms to facilitate

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**Reasoning:** The court considered the request of the Operational Creditor to file consent terms and

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**Interpretation:** This reflects the court's willingness to encourage settlement between parties,

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**Application:** In this specific case, the court's decision to allow the filing of consent

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## Parties

- **Judges:** V. P. S…; RAJESH S…
- **Appellants:** Masani Polymers…
- **Respondents:** Prashant Plastic…

## Timeline

- **2019-08-23 — Hearing…**: Hearing of Mumbai Bench of the…

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