# In the matter of Annapurna Constructions and Transmissions Pvt . Ltd. CP(IB) No.715-9-HDB-2019

> NCLT judgment dated 2022-02-11. Citation: TCN-2022-NCLT-04163. CP(IB) No.715/9/HDB/2019 was filed under Section 9 of the IBC, 2016. The matter involves ABB…

- **Court:** NCLT
- **Order date:** 11 Feb 2022
- **Citation:** TCN-2022-NCLT-04163
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/annapurna-constructions-and-transmissions-pvt-ltd-cpib-no715-9-hdb-2019-5c709500

## Summary

### Background

CP(IB) No.715/9/HDB/2019 was filed under Section 9 of the IBC, 2016. The matter involves ABB India Ltd as the Operational Creditor and Annapurna Constructions and Transmissions Pvt Ltd as the Corporate Debtor. The case was heard through video conference.

## Facts

ABB India Ltd, the Operational Creditor, initiated proceedings against Annapurna Constructions and Transmissions Pvt Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. During the proceedings, both parties reached a settlement outside the Tribunal. A joint memo reporting this settlement was filed before the Tribunal. Consequently, both counsels requested the Tribunal to dispose of the Corporate Insolvency Resolution Process (CIRP) application.

## Issues and analysis

### Issue 1: Whether CP(IB) No.715/9/HDB/2019 should be dismissed based on the settlement reached between the …

**Ratio:** When parties to a legal proceeding reach a settlement outside of court, they may jointly

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**Reasoning:** The Tribunal acknowledged the joint memo reporting the settlement and considered the

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**Interpretation:** This reflects the principle that courts encourage settlements as a means of

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**Application:** In this instance, the Operational Creditor (ABB India Ltd) and the Corporate

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** ABB India…
- **Respondents:** Annapurna…

## Timeline

- **2022-02-11 — Hearing…**: Hearing held on 11-02-2022 at 10:30…

## 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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