# In the matter of Vijay Suraksha Realty LLP CP (IB) No. 2937-MB-2019

> NCLT judgment dated 2021-01-12. Citation: TCN-2021-NCLT-03314. The case involves a company petition filed by Great White Technologies Pvt Ltd…

- **Court:** NCLT
- **Order date:** 12 Jan 2021
- **Citation:** TCN-2021-NCLT-03314
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vijay-suraksha-realty-llp-cp-ib-no-2937-mb-2019-16453b4b

## Summary

### Background

The case involves a company petition filed by Great White Technologies Pvt Ltd (Petitioner/Financial Creditor) against Vijay Suraksha Realty LLP (Respondent/Corporate Debtor). The petition was filed due to the Respondent's alleged failure to make a payment of Rs. 17,50,00,000 by 31/07/2019, which the Petitioner claimed was a financial debt. The Respondent denied the claim. The parties entered into an agreement on 19/08/2017, granting the Petitioner a first right to acquire saleable FSI area. Disputes arose regarding the terms of this agreement and subsequent payments.

## Facts

Great White Technologies Pvt Ltd (Petitioner) filed a company petition against Vijay Suraksha Realty LLP (Respondent) claiming a financial debt of Rs. 17,50,00,000 due to the Respondent's failure to make payment by 31/07/2019. The claim stemmed from an agreement dated 19/08/2017, where the Respondent granted the Petitioner a first right to acquire saleable FSI area. The Respondent denied the debt. The parties then entered into consent terms dated 09.12.2020, agreeing to settle the dispute and withdraw the company petition. The consent terms included details of prior agreements, including an agreement dated 23/07/2014 between Great White Technologies and Vijay Grihnirman Pvt. Ltd. (VGPL), where VGPL granted the Petitioner a first right to acquire 66,000 sq ft of FSI.

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## Issues and analysis

### Issue 1: Whether the parties have settled the matter …

**Ratio:** A company petition can be withdrawn if the parties have settled the matter and filed

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**Reasoning:** The court reviewed the consent terms filed by the parties and found that they had agreed

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**Interpretation:** The court interpreted the consent terms as a clear indication of the parties'

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**Application:** The court applied the ratio to the facts of the case, noting that the parties

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## Parties

- **Judges:** V. Nallasen…; Janab Mohammed…
- **Appellants:** Great White…
- **Respondents:** Vijay Suraksha…

## Timeline

- **2020-12-09 — Consent Term…**: Parties filed consent terms…
- **2021-01-12 — Order Is…**: Court dismissed CP No.…

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