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

> NCLT judgment dated 2021-10-04. Citation: TCN-2021-NCLT-00878. 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-00878
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/resurgent-power-projects-ltd-cpib-54che-2021-b8d0084c

## 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. The counsels for both the petitioner and the respondent were present during the hearing.

## Facts

The State Bank of India filed a petition against Resurgent Power Projects Ltd under Section 7 Rule 4 of IBC 2016. During the proceedings, the counsels for both parties were present. The petitioner, State Bank of India, accepted a One Time Settlement (OTS) proposal from the respondent, Resurgent Power Projects Ltd, as communicated in a letter dated 08.09.2021. A memo dated 01.10.2021 was filed in the registry to document the settlement. This settlement led to the dismissal of the case.

## Issues and analysis

### Issue 1: Whether the settlement reached between the petitioner (State Bank of India) and the respondent …

**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 the petitioner and respondent had reached a settlement,

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**Interpretation:** The interpretation is that a settlement between parties in a legal dispute,

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**Application:** In this case, the court applied the principle by dismissing CP(IB)/54(CHE)/2021

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## Parties

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

## Timeline

- **2021-10-04 — Hearing…**: Hearing of Chennai Bench held on 04-10-2021…
- **2021-09-08 — OTS Prop…**: Respondent gave One Time Settlement (O.T.S.) proposal to the Applicant vide letter dated…

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