# In the matter of Sugam Griha Nirmaan Ltd. C.P. (IB)-73(KB)2021

> NCLT judgment dated 2021-08-31. Citation: TCN-2021-NCLT-01253. The case pertains to CP(IB) No. 73/KB/2021 before the National Company Law Tribunal, Kolkata…

- **Court:** NCLT
- **Order date:** 31 Aug 2021
- **Citation:** TCN-2021-NCLT-01253
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sugam-griha-nirmaan-ltd-cp-ib-73kb2021-d364d824

## Summary

### Background

The case pertains to CP(IB) No. 73/KB/2021 before the National Company Law Tribunal, Kolkata Bench. The matter involves Surana Mercantiles Pvt. Ltd. versus Sugam Griha Nirmaan Ltd. The hearing took place on August 31, 2021.

## Facts

The case involves Surana Mercantiles Pvt. Ltd. as the applicant and Sugam Griha Nirmaan Ltd. as the corporate debtor. The matter was listed as CP(IB) No. 73/KB/2021 before the NCLT Kolkata Bench. During the hearing on August 31, 2021, the counsel appearing for the Financial Creditor submitted that the matter had been settled out of court. This submission led to the dismissal of the case as withdrawn. The relevance of the fact that the matter was settled out of court is that it provided the basis for the tribunal to dismiss the case, indicating a resolution between the parties outside of the formal legal proceedings.

## Issues and analysis

### Issue 1: Whether CP(IB) No. 73/KB/2021 should be dismissed as withdrawn based on the submission that the …

**Ratio:** When parties to a legal proceeding reach a settlement outside of court and jointly

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**Reasoning:** The court accepted the submission of the Financial Creditor's counsel that the matter had

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**Interpretation:** This legal issue involves the interpretation of procedural law regarding the

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**Application:** In this specific case, the ratio and reasoning were applied to the fact that

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Surana Mercantiles…
- **Respondents:** Sugam Griha…

## Timeline

- **2021-08-31 — Hearing…**: Hearing held on August…
- **2021-08-31 — Dismissal o…**: CP(IB) No. 73/KB/2021 dismissed as withdrawn following the submission that the matter was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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