# In the matter of Resurgent Power Projects Ltd. CP(IB)-54(CHE)-2021

> NCLT judgment dated 2021-10-04. Citation: TCN-2021-NCLT-00892. The case CP(IB)/54(CHE)/2021 was heard by the Chennai bench of the National Company Law…

- **Court:** NCLT
- **Order date:** 4 Oct 2021
- **Citation:** TCN-2021-NCLT-00892
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/resurgent-power-projects-ltd-cpib-54che-2021-5e9373ad

## Summary

### Background

The case CP(IB)/54(CHE)/2021 was heard by the Chennai bench of the National Company Law Tribunal (NCLT). The petitioner is State Bank of India, and the respondent is Resurgent Power Projects Ltd. The case was regarding an application under Section 7 Rule 4 of IBC 2016. During the proceedings, the counsels for both parties were present. The petitioner's counsel stated that a settlement had been reached between the parties, with the applicant accepting the One Time Settlement (O.T.S.) proposal given by the respondent via a letter dated 2021-09-08.

## Facts

The State Bank of India filed a petition against Resurgent Power Projects Ltd under Section 7 Rule 4 of IBC 2016. During the hearing, the counsels for both parties were present. The petitioner's counsel informed the court that a settlement had been reached between the parties, with the applicant accepting the One Time Settlement (O.T.S.) proposal given by the respondent via a letter dated 2021-09-08. A memo dated 2021-10-01 was filed in the Registry. This settlement led to the dismissal of the case by the NCLT.

## Issues and analysis

### Issue 1: Whether the settlement reached between the State Bank of India and Resurgent Power Projects Ltd …

**Ratio:** When parties involved in a legal dispute reach a settlement outside of court and both

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**Reasoning:** The court acknowledged the statement from the petitioner's counsel that a settlement had

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**Interpretation:** The interpretation is that the court recognizes and respects the autonomy of

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**Application:** In this specific case, the State Bank of India and Resurgent Power Projects Ltd

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** State Bank of…
- **Respondents:** Resurgent Power…

## Timeline

- **2021-09-08 — O.T.S. Pr…**: The Respondent provided a One Time…
- **2021-10-01 — Memo Fil…**: A memo dated 2021-10-01 in SR.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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