# In the matter of Shethia Erectors and Material Handlers Ltd. C.P.(IB)-3666(MB)-2019

> NCLT judgment dated 2020-01-03. Citation: TCN-2020-NCLT-02545. The case pertains to C.P.(IB)-3666(MB)/2019 filed under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 3 Jan 2020
- **Citation:** TCN-2020-NCLT-02545
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shethia-erectors-and-material-handlers-ltd-cpib-3666mb-2019-183318b3

## Summary

### Background

The case pertains to C.P.(IB)-3666(MB)/2019 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The matter involves Taldhvaj Properties Pvt Ltd V/s. Shethia Erectors and Material Handlers Ltd. Consent terms were filed in the matter.

## Facts

Taldhvaj Properties Pvt Ltd initiated insolvency proceedings against Shethia Erectors and Material Handlers Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. Both the Financial Creditor's and the Corporate Debtor's counsels were present. Consent terms were filed in the matter, indicating an agreement between the parties. The court took the consent terms on record, leading to the dismissal of the case as withdrawn. The Financial Creditor is granted the liberty to approach the Tribunal again if there is any default.

## Issues and analysis

### Issue 1: Whether the application CP.3666/2019 can be dismissed as withdrawn based on the consent terms filed …

**Ratio:** When parties to a legal proceeding reach a consensus and file consent terms, the court

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**Reasoning:** The court reasoned that since both parties had filed consent terms, it was appropriate to

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**Interpretation:** This legal principle allows for the efficient resolution of disputes when

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**Application:** In this case, the court applied the principle by accepting the consent terms

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## Parties

- **Judges:** Rajasekha…; Ravikumar…; +1 more
- **Appellants:** Taldhvaj Propertie…
- **Respondents:** Shethia Erectors…

## Timeline

- **2020-01-03 — Order Sheet of the…**: Order sheet of the hearing held on 03.01.2020.…

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