# In the matter of Riversilica Technologies Private Limited C.P. (IB)No. 172-BB-2020

> NCLT judgment dated 2021-03-17. Citation: TCN-2021-NCLT-02662. Exfinity Technology Fund Series – I filed C.P. (IB)No.172/BB/2020 under Section 7 of the IBC,…

- **Court:** NCLT
- **Order date:** 17 Mar 2021
- **Citation:** TCN-2021-NCLT-02662
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/riversilica-technologies-private-limited-cp-ibno-172-bb-2020-6d070316

## Summary

### Background

Exfinity Technology Fund Series – I filed C.P. (IB)No.172/BB/2020 under Section 7 of the IBC, 2016, read with Rule 4 of the I&B (AAA) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Riversilica Technologies Private Limited, claiming a default of Rs. 1,55,85,586. The case was listed for admission on multiple dates and adjourned at the parties' requests while they explored settlement possibilities.

## Facts

Exfinity Technology Fund Series – I, the financial creditor, initiated CIRP against Riversilica Technologies Private Limited, the corporate debtor, under Section 7 of the IBC, claiming a default of Rs. 1,55,85,586. The case was C.P. (IB)No.172/BB/2020. The matter was adjourned multiple times to allow the parties to explore settlement options. Eventually, the parties executed a Joint Memo Reporting Settlement dated 17.03.2021, where the corporate debtor agreed to pay Rs. 90,00,000 in four installments via post-dated cheques. The settlement stipulated that upon honoring all cheques and receiving the full settlement amount, the financial creditor would release all claims against the corporate debtor. The petitioner sought to withdraw the CIRP application based on this

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## Issues and analysis

### Issue 1: Whether the petitioner should be permitted to withdraw the Company Petition in light of the …

**Ratio:** When parties reach a settlement and agree to resolve their disputes outside of formal

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**Reasoning:** The court noted that the parties had settled the claim in question and that the

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**Interpretation:** This reflects the principle that courts encourage settlements and aim to

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**Application:** Given the settlement and the respondent's consent, the court permitted the

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Exfinity Technolog…
- **Respondents:** Riversilica…

## Timeline

- **2020-06-18 — Case Listed for…**: The case was initially…
- **2020-07-01 — Case Listed for…**: The case was listed for…

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