# In the matter of Value Designbuild Private Limited C.P (IB) No. 97-BB-2017

> NCLT judgment dated 2018-12-05. Citation: TCN-2018-NCLT-00187. BPS Building Protection Systems Private Limited filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 5 Dec 2018
- **Citation:** TCN-2018-NCLT-00187
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/value-designbuild-private-limited-cp-ib-no-97-bb-2017-6f3afbb4

## Summary

### Background

BPS Building Protection Systems Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Value Designbuild Private Limited, alleging failure to pay an outstanding amount of Rs. 40,85,128/- for waterproofing works. The case was listed for hearing on multiple dates, and eventually, the parties settled the matter.

## Facts

BPS Building Protection Systems Private Limited (the Petitioner/Operational Creditor) filed C.P (IB) No. 97/BB/2017 under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Value Designbuild Private Limited (the Respondent/Corporate Debtor). The petitioner claimed that the corporate debtor failed to pay an outstanding amount of Rs. 40,85,128/- for waterproofing works executed at "VDB Willow Farm", Nallurahalli, Bangalore. The case was listed for hearing on multiple dates. The learned Counsels for both parties filed a joint memo dated 05.01.2018 settling the issue. The learned Counsel for the Respondent filed a Memo dated 31/10/2018 stating that the Respondent is paying an amount of Rs.75,000 vide DD dated 31.10.2018 and undertakes to make payment

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, should be …

**Ratio:** When parties settle a dispute and the operational creditor seeks to withdraw the

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**Reasoning:** The court considered the pleadings of both parties and noted that the parties had settled

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**Interpretation:** The interpretation is that the court recognizes the settlement between the

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**Application:** In this case, the parties settled the dispute, and the respondent agreed to pay

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** BPS Building…
- **Respondents:** Value Designbuild…

## Timeline

- **2017-09-27 — Hearing…**: Case listed for…
- **2017-10-18 — Hearing…**: Case listed for…

## 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)

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