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

> NCLT judgment dated 2021-10-04. Citation: TCN-2021-NCLT-00869. The case involves CP(IB)/54(CHE)/2021 before the National Company Law Tribunal (NCLT), Chennai.…

- **Court:** NCLT
- **Order date:** 4 Oct 2021
- **Citation:** TCN-2021-NCLT-00869
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/resurgent-power-projects-ltd-cpib-54che-2021-7cb1c8f3

## Summary

### Background

The case involves CP(IB)/54(CHE)/2021 before the National Company Law Tribunal (NCLT), Chennai. The petitioner is State Bank of India, and the respondent is Resurgent Power Projects Ltd. The petitioner filed the case under Section 7 Rule 4 of IBC 2016. The case was heard on 04-10-2021.

## Facts

State Bank of India filed a petition CP(IB)/54(CHE)/2021 against Resurgent Power Projects Ltd under Section 7 Rule 4 of IBC 2016. During the proceedings, the parties arrived at a settlement. The State Bank of India accepted the One Time Settlement (O.T.S.) proposal given by Resurgent Power Projects Ltd via a letter dated 08.09.2021. A memo dated 01.10.2021 was filed in the registry. The court then dismissed the case as settled out of court with liberty. The presence of counsels for both parties was noted during the hearing.

## Issues and analysis

### Issue 1: Whether the settlement arrived at between the parties, State Bank of India and Resurgent Power …

**Ratio:** When parties to a legal proceeding arrive at a settlement, courts generally respect and

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**Reasoning:** The court reasoned that since the parties had reached a settlement, specifically the

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**Interpretation:** The interpretation is that when a settlement is reached and properly

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

## Timeline

- **2021-09-08 — Respondent's O.T.S.…**: Resurgent Power Projects Ltd gave a One Time Settlement (O.T.S.) proposal to State Bank…
- **2021-10-01 — Memo Filed in…**: A memo dated 01.10.2021 in SR. No.4377 was filed in the Registry, indicating the…

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