# In the matter of Zeus Healthcare Pvt. Ltd. IA No. 189-2021 in CP No. (IB) 187-ALD-2019

> NCLT judgment dated 2021-07-13. Citation: TCN-2021-NCLT-01774. The matter pertains to CP NO.(IB) 187/ALD/2019 before the Allahabad Bench of the National…

- **Court:** NCLT
- **Order date:** 13 Jul 2021
- **Citation:** TCN-2021-NCLT-01774
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/zeus-healthcare-pvt-ltd-ia-no-189-2021-in-cp-no-ib-187-ald-2019-0d4aa7e5

## Summary

### Background

The matter pertains to CP NO.(IB) 187/ALD/2019 before the Allahabad Bench of the National Company Law Tribunal (NCLT). The applicant filed IA No. 189/2021 seeking withdrawal of CP NO.(IB)187/ALD/2019. The applicant and respondent entered into a settlement agreement dated 20.02.2021, where the applicant would receive Rs.3,62,00,000/- from the Corporate Debtor for full and final settlement.

## Facts

The applicant filed CP NO.(IB) 187/ALD/2019 before the Allahabad Bench of the NCLT. The applicant and respondent entered into a settlement agreement dated 20.02.2021, where the applicant would receive Rs.3,62,00,000/- from the Corporate Debtor for full and final settlement of the claim. The Corporate Debtor has released the payment. The applicant then filed IA No. 189/2021 seeking withdrawal of CP NO.(IB)187/ALD/2019. The Ld. Counsel for the Respondent did not oppose the withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of CP NO.(IB)187/ALD/2019 should be allowed, considering the …

**Ratio:** When parties have amicably settled their disputes and the corporate debtor has fulfilled

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**Reasoning:** The court reasoned that since the parties had entered into a settlement agreement dated

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**Interpretation:** This interpretation emphasizes the importance of upholding settlement

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**Application:** In this case, the applicant and respondent entered into a settlement agreement,

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** BRIJENDRA…
- **Respondents:** ZEUS MEDIHEALTH…

## Timeline

- **2021-02-20 — Settlement Ag…**: Applicant and Respondent entered…
- **2021-07-13 — Order Da…**: The NCLT dismissed the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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