# In the matter of Siddhivinayak Infrasystems Pvt. Ltd. C.P. No. 47-(MAH))-2017

> NCLT judgment dated 2017-11-09. Citation: TCN-2017-NCLT-00224. The case involves a company petition (No. 47 of 2017) filed by All Arch India Pvt. Ltd. against…

- **Court:** NCLT
- **Order date:** 9 Nov 2017
- **Citation:** TCN-2017-NCLT-00224
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/siddhivinayak-infrasystems-pvt-ltd-cp-no-47-mah-2017-738bbcbc

## Summary

### Background

The case involves a company petition (No. 47 of 2017) filed by All Arch India Pvt. Ltd. against Siddhivinayak Infrasystem Pvt. Ltd. before the National Company Law Tribunal (NCLT), Mumbai Bench. The petition appears to be related to a claim by the petitioner against the respondent. The parties have reached an amicable settlement.

## Facts

All Arch India Pvt. Ltd. filed a company petition (No. 47 of 2017) against Siddhivinayak Infrasystem Pvt. Ltd. before the NCLT Mumbai. The parties reached an amicable settlement where Siddhivinayak Infrasystem Pvt. Ltd. agreed to pay All Arch India Pvt. Ltd. Rs. 12,00,000. This amount was to be paid via cheques with specific dates: Rs. 3,00,000 on 2017-11-16, Rs. 3,00,000 on 2017-12-16, Rs. 3,00,000 on 2018-02-20, and Rs. 3,00,000 on 2018-04-20. The consent terms stipulated that the petitioner would provide two days' prior intimation before depositing the cheques. If any cheque was dishonored, the petitioner retained the right to pursue legal action and claim interest at 18% per annum. Upon realization of the full amount, the petitioner agreed not to file any further

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## Issues and analysis

### Issue 1: Whether the company petition can be withdrawn based on the consent terms agreed upon by the …

**Ratio:** A company petition can be withdrawn if both parties agree to a settlement and consent to

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**Reasoning:** The NCLT considered the consent terms presented by both parties, indicating their

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**Interpretation:** The legal principle is that parties are free to settle their disputes amicably,

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**Application:** In this case, the NCLT applied this principle by granting the petitioner's

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## Parties

- **Judges:** M.K. Sh…; Bhaskara Pantula…
- **Appellants:** All Arch India…
- **Respondents:** Siddhivinayak…

## Timeline

- **2016-10-13 — Board Reso…**: Board Resolution authorizing Mr. Yogesh Suresh Joshi to sign the consent terms on behalf…
- **2017-11-09 — Consent Terms…**: Consent terms signed by authorized representatives of both All Arch India Pvt. Ltd. and…

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