# In the matter of Real Value Promoters Pvt. Ltd. MA-827-2019 in CP-884-IB-2018

> NCLT judgment dated 2019-08-08. Citation: TCN-2019-NCLT-02027. The matter was settled between the Applicant and the Corporate Debtor before the constitution…

- **Court:** NCLT
- **Order date:** 8 Aug 2019
- **Citation:** TCN-2019-NCLT-02027
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/real-value-promoters-pvt-ltd-ma-827-2019-in-cp-884-ib-2018-0b6222b7

## Summary

### Background

The matter was settled between the Applicant and the Corporate Debtor before the constitution of the Committee of Creditors (CoC). The decision was made in view of the ratio laid down by the Supreme Court of India in the case of Swiss Ribbons Private Limited and Another -vs- Union of India and others (2019) 4 SCC 17 (Para 82).

## Facts

The applicant and the corporate debtor reached a settlement before the constitution of the Committee of Creditors (CoC). The court noted this settlement and referred to the Supreme Court's decision in Swiss Ribbons Private Limited and Another -vs- Union of India and others (2019) 4 SCC 17 (Para 82). The application MA/827/2019 was subsequently allowed, and the company petition CP/884/IB/2018 was dismissed as withdrawn. This indicates that the settlement was a key factor in the court's decision to dismiss the petition.

## Issues and analysis

### Issue 1: Whether the settlement between the applicant and the corporate debtor before the constitution of …

**Ratio:** The ratio is based on the Supreme Court's decision in Swiss Ribbons Private Limited and

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**Reasoning:** The court reasoned that because the parties had settled the matter before the CoC was

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**Interpretation:** The interpretation is that settlements reached before the constitution of the

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Appellants:** Novoco Vistas…
- **Respondents:** REAL VALUE…

## Timeline

- **2019-08-08 — Hearing…**: Hearing of Chennai Bench, Chennai National…
- **2019-01-01 — Application…**: MA/827/2019 application…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 17 — Management of affairs of corporate debtor by…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-17)

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