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

> NCLT judgment dated 2021-10-04. Citation: TCN-2021-NCLT-00888. 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-00888
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/resurgent-power-projects-ltd-cpib-54che-2021-b35ca1b0

## Summary

### Background

The case involves CP(IB)/54(CHE)/2021 before the National Company Law Tribunal (NCLT), Chennai. The Petitioner, State Bank of India, and the Respondent, Resurgent Power Projects Ltd, have reached a settlement. The Applicant (State Bank of India) accepted the One Time Settlement (O.T.S.) proposal given by the Respondent vide letter dated 08.09.2021.

## Facts

State Bank of India filed a petition CP(IB)/54(CHE)/2021 against Resurgent Power Projects Ltd. The counsels for both parties were present. The Petitioner stated that a settlement had been reached between the parties, with the Applicant accepting the One Time Settlement (O.T.S.) proposal from the Respondent dated 08.09.2021. A memo dated 01.10.2021 was filed in the Registry. This led to the dismissal of the case as settled out of court with liberty.

## Issues and analysis

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

**Ratio:** When parties to a legal proceeding arrive at a settlement, the court has the discretion

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**Reasoning:** The court reasoned that since both parties had agreed to a settlement, as evidenced by

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**Interpretation:** This legal issue concerns the court's power to dismiss a case based on a

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**Application:** In this specific case, the ratio and reasoning were applied to dismiss

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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…**: Resurgent Power Projects Ltd gave a One Time Settlement (O.T.S.) proposal to State Bank…
- **2021-10-01 — Memo Fil…**: A memo dated 01.10.2021 in SR.…

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