# In the matter of Real Value Promoters Pvt. Ltd. IBA-1168-2019

> NCLT judgment dated 2020-12-09. Citation: TCN-2020-NCLT-00117. The case involves an application under the Insolvency and Bankruptcy Code (IBC). A memo of…

- **Court:** NCLT
- **Order date:** 9 Dec 2020
- **Citation:** TCN-2020-NCLT-00117
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/real-value-promoters-pvt-ltd-iba-1168-2019-28d6c239

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). A memo of compromise was filed in the registry, signed by both counsels, indicating that the parties have settled the matter out of court.

## Facts

An application (IBA/1168/2019) was filed under Section 9 Rule 6 of the IBC, 2016. The counsels for both the applicant (Mr. Srenik S Jain) and the respondent (Mr. Avinash Krishnan Ravi) were present. A memo of compromise, signed by both counsels, was filed in the registry on 2020-07-12, indicating that the parties had settled the matter outside of court. As a result, the applicant requested the withdrawal of the application.

## Issues and analysis

### Issue 1: Whether the application IBA/1168/2019 should be dismissed as withdrawn, given the memo of …

**Ratio:** When parties to a legal proceeding reach a settlement outside of court and jointly

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**Reasoning:** The court acknowledged the memo of compromise filed by the counsels, which demonstrated

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**Interpretation:** This case interprets the principle that courts generally respect and facilitate

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**Application:** In this specific case, the existence of the memo of compromise, signed by both

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** T RAVICHA…
- **Respondents:** REAL VALUE…

## Timeline

- **2020-12-07 — Memo of Comprom…**: A memo of compromise, signed by both…
- **2020-12-09 — Order of Di…**: The court dismissed the application IBA/1168/2019 as withdrawn based on the memo of…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/real-value-promoters-pvt-ltd-iba-1168-2019-28d6c239