# In the matter of Wework India Management Private Limited C.P. (IB) No. 91-BB-2020

> NCLT judgment dated 2020-08-26. Citation: TCN-2020-NCLT-00775. The case involves an application filed by M/s. Kaapi Machines (India) Private Limited under…

- **Court:** NCLT
- **Order date:** 26 Aug 2020
- **Citation:** TCN-2020-NCLT-00775
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/wework-india-management-private-limited-cp-ib-no-91-bb-2020-b1b6c3ba

## Summary

### Background

The case involves an application filed by M/s. Kaapi Machines (India) Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Wework India Management Private Limited, alleging a default of Rs. 1,28,51,974. The petitioner claimed that the corporate debtor had defaulted on payments. The matter was brought before the National Company Law Tribunal (NCLT), Bengaluru Bench.

## Facts

M/s. Kaapi Machines (India) Private Limited, the operational creditor, filed an application under Section 9 of the IBC, 2016, to initiate CIRP against M/s. Wework India Management Private Limited, the corporate debtor, due to a default of Rs. 1,28,51,974. During the proceedings, the parties reached a settlement. The respondent, M/s. Wework India Management Private Limited, paid Rs. 1,13,23,988 to the petitioner, M/s. Kaapi Machines (India) Private Limited, as full and final settlement of all outstanding dues and claims. Subsequently, the petitioner sought to withdraw the application, informing the NCLT that the disputes had been settled. The key fact is the settlement between the parties leading to the withdrawal request.

## Issues and analysis

### Issue 1: Whether the petitioner can be permitted to withdraw the application for initiating CIRP under …

**Ratio:** The legal principle is that if parties to a dispute under the IBC reach a settlement, the

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**Reasoning:** The court reasoned that since the parties had settled their disputes and the petitioner

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**Interpretation:** The interpretation is that the IBC allows for flexibility in resolving

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**Application:** In this case, the petitioner and respondent settled their dispute, with the

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s. Kaapi…
- **Respondents:** M/s. Wework India…

## Timeline

- **2020-08-25 — Memo for Withdrawal…**: The applicant filed a memo for withdrawal of the company petition, stating that the…
- **2020-08-24 — Settlement…**: The respondent paid Rs. 1,13,23,988 to the petitioner as full and final settlement…

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