# In the matter of Prowess International Pvt. Ltd.

> NCLT judgment dated 2019-02-26. Citation: TCN-2019-NCLT-04682. The case involves Madras Steels & Tubes versus Prowess International Pvt. Ltd. before the…

- **Court:** NCLT
- **Order date:** 26 Feb 2019
- **Citation:** TCN-2019-NCLT-04682
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/prowess-international-pvt-ltd-a30c74f2

## Summary

### Background

The case involves Madras Steels & Tubes versus Prowess International Pvt. Ltd. before the National Company Law Tribunal, Kolkata Bench. The matter was listed for hearing on February 26, 2019.

## Facts

The case involves a dispute between Madras Steels & Tubes (operational creditor) and Prowess International Pvt. Ltd. (corporate debtor). The representatives of both parties informed the NCLT Kolkata bench that the matter had been settled out of court. A deed of settlement was filed. The operational creditor requested permission to withdraw the case, which was granted by the tribunal, leading to the matter being withdrawn and disposed of.

## Issues and analysis

### Issue 1: Whether the operational creditor should be granted permission to withdraw the matter given the …

**Ratio:** When parties to a legal dispute reach a settlement outside of formal court proceedings,

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**Reasoning:** The Tribunal acknowledged the settlement reached between Madras Steels & Tubes and

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**Interpretation:** The legal principle is that courts encourage and respect settlements reached by

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

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## Parties

- **Judges:** Madan B.…
- **Appellants:** Madras Steels &…
- **Respondents:** Prowess Internatio…
- **Advocates:** Akash S…; Arnab D…

## Timeline

- **2018-01-01 — Case Fil…**: CP(IB)No.1552/KB/2018…
- **2019-02-26 — Hearing…**: Hearing held on February…

## 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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