# In the matter of Aap Realtors Limited

> NCLT judgment dated 2024-02-15. Citation: TCN-2024-NCLT-02586. 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-02586
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aap-realtors-limited-f0ca416c

## Summary

### Background

The case involves a petition under Section 9 of the IBC. The Corporate Debtor (CD) entered an appearance on 21.11.2023, indicating a potential settlement. The Counsel for the CD submitted on 18.12.2023 that the CD had initiated settlement talks with the OC (Operational Creditor). Both parties requested time for settlement on 15.01.2024, leading to an adjournment until 05.02.2024. On 05.02.2024, the OC requested further time for settlement as a last chance.

## Facts

On 2023-11-21, the Corporate Debtor (CD) appeared, suggesting a possible settlement. The CD's counsel stated on 2023-12-18 that settlement talks with the Operational Creditor (OC) had begun. Both parties requested more time to settle on 2024-01-15, and the matter was postponed to 2024-02-05. The OC requested one last extension for settlement on 2024-02-05. However, neither the OC nor the CD was present at the hearing. The OC's lack of intent to pursue the case was evident, leading to the dismissal of the Company Petition (C.P.). The key fact is the absence of both parties and the OC's lack of intent to pursue the matter, which led to the dismissal of the C.P.

## Issues and analysis

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

**Ratio:** The court has the power to dismiss a case if the parties are not present and do not show

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**Reasoning:** The court reasoned that the absence of both the OC and the CD, coupled with the OC's

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**Interpretation:** This highlights the importance of parties actively participating in legal

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**Application:** Since neither the OC nor the CD was present, and the OC did not seem inclined

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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 — CD Counsel Su…**: The Counsel for the CD submitted that the CD…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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