# In the matter of Aap Realtors Limited

> NCLT judgment dated 2024-02-15. Citation: TCN-2024-NCLT-02578. The case involves a petition under Section 9 of the IBC. The Corporate Debtor (CD) entered an…

- **Court:** NCLT
- **Order date:** 15 Feb 2024
- **Citation:** TCN-2024-NCLT-02578
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aap-realtors-limited-e503e54d

## Summary

### Background

The case involves a petition under Section 9 of the IBC. The Corporate Debtor (CD) entered an appearance on 2023-11-21, indicating a potential settlement. The Counsel for the CD submitted on 2023-12-18 that the CD had initiated settlement talks with the Operational Creditor (OC). Both parties requested time for settlement on 2024-01-15, leading to an adjournment until 2024-02-05, when the OC requested more time for settlement as a final opportunity.

## Facts

On 2023-11-21, the Corporate Debtor (CD) indicated a potential settlement. On 2023-12-18, the CD's counsel stated that the CD had initiated settlement talks with the Operational Creditor (OC). On 2024-01-15, both parties requested time for settlement, and the matter was adjourned to 2024-02-05. On 2024-02-05, the OC requested more time for settlement as a last chance. However, on the hearing date, neither the OC nor the CD was represented. The court inferred that the OC did not intend to pursue the matter. This led to the dismissal of the Corporate Petition (C.P.) for default.

## Issues and analysis

### Issue 1: Whether the Corporate Petition should be dismissed due to the absence of both the Operational …

**Ratio:** When neither the Operational Creditor nor the Corporate Debtor is represented in court,

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**Reasoning:** The court reasoned that the absence of both parties, especially the Operational Creditor,

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**Interpretation:** The interpretation is that active participation and representation by the

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**Application:** In this case, the absence of both the OC and the CD on the hearing date,

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## Parties

- **Judges:** SANJIV…; K. R. SAJI…
- **Appellants:** Abhishek Millenniu…
- **Respondents:** Aap Realtors…

## Timeline

- **2023-11-21 — CD Appea…**: The Corporate Debtor (CD) entered an…
- **2023-12-18 — Settlement…**: The Counsel for the CD submitted that the CD had initiated settlement talks with the…

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