# In the matter of Rithwik Projects Pvt. Ltd. CP (IB) No. 588-9-HDB-2018

> NCLT judgment dated 2020-03-16. Citation: TCN-2020-NCLT-01509. The case involves a company petition/application with the number CP(IB) No. 588/9/HDB/2018.…

- **Court:** NCLT
- **Order date:** 16 Mar 2020
- **Citation:** TCN-2020-NCLT-01509
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rithwik-projects-pvt-ltd-cp-ib-no-588-9-hdb-2018-1c02845d

## Summary

### Background

The case involves a company petition/application with the number CP(IB) No. 588/9/HDB/2018. Counsels representing both sides are present. The matter has been settled between the parties, and they have filed a joint memo of settlement signed by both counsels. An earlier settlement agreement dated 04.08.2019 was entered between the parties, and a memo is filed.

## Facts

The key facts are as follows: The case is CP(IB) No. 588/9/HDB/2018. Rithwik Projects Pvt Ltd is the company. Welspun Corp Ltd is the petitioner. Rithwik Projects Pvt Ltd is the respondent. The case is under Section 9 of IBC. A settlement agreement dated 04.08.2019 was entered between the parties. A joint memo of settlement was filed and signed by both counsels. The court took the memo on record and closed the case as settled. The presence of counsels from both sides indicates that the settlement was reached through negotiation and agreement.

## Issues and analysis

### Issue 1: Whether the settlement agreement between …

**Ratio:** A settlement agreement is valid and enforceable if it is entered into freely and

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**Reasoning:** The court considered the settlement agreement dated 04.08.2019 entered between the

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**Interpretation:** The interpretation of the law is that settlement agreements are generally

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**Application:** In this case, the settlement agreement was deemed valid and enforceable because

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## Parties

- **Judges:** K. Anantha…; BINOD KUMAR…
- **Appellants:** Welspun Co…
- **Respondents:** Rithwik Projects…

## Timeline

- **2020-03-16 — Hearing…**: Hearing held on…
- **2019-08-04 — Settlement Agreement…**: Settlement agreement…

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