# In the matter of Raymix Concrete Ind Pvt. Ltd. CP-1159-IB-2018

> NCLT judgment dated 2019-08-02. Citation: TCN-2019-NCLT-02129. The case involves a petition filed under CP/1159/IB/2018. Counsels for both parties are…

- **Court:** NCLT
- **Order date:** 2 Aug 2019
- **Citation:** TCN-2019-NCLT-02129
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/raymix-concrete-ind-pvt-ltd-cp-1159-ib-2018-073e1144

## Summary

### Background

The case involves a petition filed under CP/1159/IB/2018. Counsels for both parties are present. The Corporate Debtor brought a Demand Draft for Rs. 1,00,000/- dated 31.07.2019, drawn on Tamil Nadu Mercantile Bank Ltd, which was given to the Counsel for the Operational Creditor as a full and final settlement. Cheques previously deposited by the Operational Creditor were returned to the Counsel for the Corporate Debtor.

## Facts

The petition CP/1159/IB/2018 was filed. The Corporate Debtor presented a Demand Draft for Rs. 1,00,000/- dated 31.07.2019 drawn on Tamil Nadu Mercantile Bank Ltd to the Operational Creditor. This Demand Draft was accepted as a full and final settlement between the parties. The Operational Creditor had previously deposited cheques, which were then returned to the Corporate Debtor. The key fact is the settlement reached between the parties, leading to the disposal of the petition. The Demand Draft and return of cheques indicate a resolution of the financial dispute.

## Issues and analysis

### Issue 1: Whether the settlement between the Corporate Debtor and the Operational Creditor warrants the …

**Ratio:** A petition can be disposed of when a full and final settlement is reached between the

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**Reasoning:** The court reasoned that since a Demand Draft was provided as a full and final settlement

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**Interpretation:** This legal principle allows for the closure of cases when parties reach a

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**Application:** In this case, the Corporate Debtor's provision of a Demand Draft and the return

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## Parties

- **Judges:** Ch. Mohd Sharief…; SHRI. ANIL…
- **Appellants:** KATARIYA ASSOCIATE…
- **Respondents:** RAYMIX CONCRETE…
- **Advocates:** Keert…; B. SH…

## Timeline

- **2018-01-01 — Petition…**: CP/1159/IB/2018 was…
- **2019-07-31 — Demand Draft…**: The Corporate Debtor provided a Demand Draft of Rs. 1,00,000/- to the Operational…

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