# In the matter of Vijay Suraksha Realty LLP CP (IB) No. 2938-MB-2019

> NCLT judgment dated 2021-01-12. Citation: TCN-2021-NCLT-03313. The case involves a company petition filed by Shikhar Leasing & Trading Ltd…

- **Court:** NCLT
- **Order date:** 12 Jan 2021
- **Citation:** TCN-2021-NCLT-03313
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vijay-suraksha-realty-llp-cp-ib-no-2938-mb-2019-f9fbf500

## Summary

### Background

The case involves a company petition filed by Shikhar Leasing & Trading Ltd (Petitioner/Financial Creditor) against Vijay Suraksha Realty LLP (Respondent/Corporate Debtor) under CP (IB) No. 2938/MB/2019. The petition was filed due to the Respondent's alleged failure to make payments by 31/07/2019, claiming breaches of an agreement. The Respondent denied these claims. The parties later filed consent terms dated 09.12.2020, agreeing to withdraw the matter. The consent terms outline a settlement where the Respondent would either pay Rs. 17,50,00,000/- or transfer earmarked flats to the Petitioner.

## Facts

Shikhar Leasing & Trading Ltd (Petitioner) filed a company petition against Vijay Suraksha Realty LLP (Respondent) for failing to make payments by 31/07/2019, alleging breaches of an agreement. The Respondent denied these claims. The parties had entered into agreements regarding the transfer of FSI rights, with the Petitioner depositing Rs. 4,22,40,000/- for a first right to acquire 66,000 sq. ft. of saleable FSI. A subsequent agreement on 19/08/2017 granted the Petitioner a first right to acquire 43,000 sq. ft. of saleable FSI, with a deposit of Rs. 4,22,40,000/-. The Respondent was to pay Rs. 17,50,00,000/- by 31/07/2019. The parties ultimately reached a settlement, documented in consent terms dated 09.12.2020, where the Respondent would either pay Rs.

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## Issues and analysis

### Issue 1: Whether the company petition filed by the Petitioner against the Respondent should be allowed to be …

**Ratio:** A company petition can be withdrawn if the parties have reached a settlement and filed

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**Reasoning:** The court found that the parties had settled the matter and agreed to withdraw the

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**Interpretation:** This confirms the principle that parties are free to settle disputes and

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**Application:** The court applied this principle by allowing the withdrawal of the company

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## Parties

- **Judges:** V. Nallasen…; Janab Mohammed…
- **Appellants:** Shikhar Leasing &…
- **Respondents:** Vijay Suraksha…

## Timeline

- **2019-07-31 — Alleged Failur…**: The Respondent allegedly failed to make payments by this date, leading to the filing of…
- **2019-01-01 — CP (IB) No. 2938/MB/2019…**: Company Petition (IB) No. 2938/MB/2019 was filed by Shikhar Leasing & Trading Ltd against…

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