# In the matter of True Value Homes (India) Pvt. Ltd.

> NCLT judgment dated 2022-07-20. Citation: TCN-2022-NCLT-04575. The case pertains to CP(IB)/214(CHE)2021 filed under Section 7 Rule 4 of IBC, 2016.

- **Court:** NCLT
- **Order date:** 20 Jul 2022
- **Citation:** TCN-2022-NCLT-04575
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/true-value-homes-india-pvt-ltd-ada204de

## Summary

### Background

The case pertains to CP(IB)/214(CHE)2021 filed under Section 7 Rule 4 of IBC, 2016.

## Facts

The case is CP(IB)/214(CHE)2021.

The petition was filed under Section 7 Rule 4 of IBC, 2016.

Indian Bank is the Petitioner.

True Value Homes (India) Pvt Ltd is the Respondent.

A Joint Memo of Compromise was filed by the Financial Creditor.

The Financial Creditor stated that the matter was settled out of court.

The Tribunal disposed of the case as settled out of court.

## Issues and analysis

### Issue 1: Whether the Tribunal should dispose of the case based on the Joint Memo of Compromise filed by the …

**Ratio:** The Tribunal can dispose of a case if the parties have settled the matter out of court

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**Reasoning:** The Financial Creditor stated that the matter in dispute was settled out of court, and a

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**Interpretation:** The Tribunal interpreted the Joint Memo of Compromise as an indication that the

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**Application:** The Tribunal applied the principle of settlement out of court and disposed of

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## Parties

- **Judges:** S. Ramath…; SAMEER…
- **Appellants:** Indian…
- **Respondents:** True Value Homes…
- **Advocates:** P.V.Murl…; A.M. Il…

## Timeline

- **2022-07-20 — Hearing…**: Hearing held on 20-07-2022 at 02.30…
- **2022-07-19 — Joint Memo of C…**: Joint Memo of Compromise filed by the Financial Creditor vide S.R.No.4446 dated…

## 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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