# In the matter of Tattva & Mittal Lifespaces Pvt. Ltd. CP (IB)-37-9-(MB)-2017

> NCLT judgment dated 2018-10-03. Citation: TCN-2018-NCLT-00684. The case involves a petition filed by Ravindra Gopal, proprietor of Avon Capital, against M/s…

- **Court:** NCLT
- **Order date:** 3 Oct 2018
- **Citation:** TCN-2018-NCLT-00684
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tattva-mittal-lifespaces-pvt-ltd-cp-ib-37-9-mb-2017-5de3ec3b

## Summary

### Background

The case involves a petition filed by Ravindra Gopal, proprietor of Avon Capital, against M/s Tattva & Mittal Lifespaces Pvt. Ltd., the alleged Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The NCLT Mumbai Bench initially dismissed the petition, which led to an appeal before the NCLAT. The NCLAT set aside the NCLT's order and remitted the case back to the Adjudicating Authority, Mumbai Bench, for admission and appropriate orders. However, the NCLAT allowed the respondent to settle the claim before the application's admission.

## Facts

Ravindra Gopal, proprietor of Avon Capital, filed a petition against M/s Tattva & Mittal Lifespaces Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The NCLT Mumbai Bench initially dismissed the petition on 2017-07-11. Ravindra Gopal appealed to the NCLAT, which set aside the NCLT's order on 2018-08-09 and remitted the case back to the NCLT for reconsideration. The NCLAT allowed the respondent to settle the claim before the application's admission. The parties then explored settlement avenues and agreed to settle the claim amicably. The consent terms outline a payment schedule for a full and final settlement of Rs. 55 lakhs plus Rs. 9.90 lakhs (GST), totaling Rs. 64.90 lakhs. The total amount due including interest as on 2018-09-03 was Rs

…

## Issues and analysis

### Issue 1: Whether the proposal of withdrawal of the petition based on the amicable settlement between the …

**Ratio:** The court has the discretion to accept the withdrawal of a petition if the parties have

…

**Reasoning:** The court reasoned that the parties had explored settlement avenues and agreed to settle

…

**Interpretation:** The interpretation is that the court recognizes and encourages amicable

…

**Application:** In this case, the court applied the ratio by accepting the proposal of

…

## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Ravindra…
- **Respondents:** M/s Tattva &…

## Timeline

- **2017-07-11 — NCLT Ord…**: NCLT, Mumbai Bench, passed an…
- **2018-08-09 — NCLAT Or…**: NCLAT set aside the NCLT's order and remitted the case back to the Adjudicating…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/tattva-mittal-lifespaces-pvt-ltd-cp-ib-37-9-mb-2017-5de3ec3b