# In the matter of Amtech Project and Product Pvt. Ltd.

> NCLT judgment dated 2023-09-25. Citation: TCN-2023-NCLT-01493. The case pertains to CP(IB) No. 36/Chd/Pb/2020 filed under Section 9 of the IBC 2016. The…

- **Court:** NCLT
- **Order date:** 25 Sept 2023
- **Citation:** TCN-2023-NCLT-01493
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/amtech-project-and-product-pvt-ltd-a3940d0d

## Summary

### Background

The case pertains to CP(IB) No. 36/Chd/Pb/2020 filed under Section 9 of the IBC 2016. The matter was between Bikram Shukla, the operational creditor/petitioner, and Amtech Project & Product Pvt. Ltd., the corporate debtor/respondent. The case was initially admitted. However, the matter has been settled between the parties as per the order dated 31.08.2023 passed by Hon'ble NCLAT.

## Facts

Bikram Shukla, acting as the operational creditor, initiated insolvency proceedings against Amtech Project & Product Pvt. Ltd., the corporate debtor, under Section 9 of the IBC 2016. The case was registered as CP(IB) No. 36/Chd/Pb/2020 and was initially admitted. Subsequently, the parties reached a settlement agreement dated 25.07.2023. Based on this settlement, Hon'ble NCLAT passed an order on 31.08.2023, leading to the disposal of the insolvency petition. As a result of the settlement and the court's order, the moratorium imposed under Section 14 of the Code was lifted, the corporate debtor was discharged from the claims, the IRP was discharged, and the Board of Directors was reinstated. The key fact is the settlement between the parties, which led to the

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## Issues and analysis

### Issue 1: Whether the settlement between the operational creditor and the corporate debtor warrants the …

**Ratio:** A settlement between parties in an insolvency proceeding can form the basis for the

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**Reasoning:** The court reasoned that since the parties had settled the matter, continuing the

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**Interpretation:** This interprets that the IBC recognizes and encourages settlements between

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**Application:** In this case, the existence of a settlement agreement dated 25.07.2023, coupled

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Bikram S…
- **Respondents:** Amtech Project &…

## Timeline

- **2023-07-25 — Settlement Ag…**: The parties reached a…
- **2023-08-31 — NCLAT Or…**: Hon'ble NCLAT passed an order…

## 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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