# In the matter of Blue Coast Infrastructure Development Pvt. Ltd. IA No. 632-21 and CP (IB) No. 120-Chd-HP-2021

> NCLT judgment dated 2022-09-02. Citation: TCN-2022-NCLT-01183. The case involves an application (IA No. 632/2021) filed by the applicant/corporate debtor to…

- **Court:** NCLT
- **Order date:** 2 Sept 2022
- **Citation:** TCN-2022-NCLT-01183
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/blue-coast-infrastructure-development-pvt-ltd-ia-no-632-21-and-cp-ib-no-120-chd-a5c6e2c8

## Summary

### Background

The case involves an application (IA No. 632/2021) filed by the applicant/corporate debtor to place a Settlement Agreement dated 2021-05-29 on record. Additionally, there is a main petition CP (IB) No. 120/Chd/HP/2021. The petitioner sought to withdraw the main petition in view of the settlement.

## Facts

Rakesh Sakhuja & Ors. filed a petition against Blue Coast Infrastructure Development Pvt. Ltd. The applicant/corporate debtor filed an application (IA No. 632/2021) to place the Settlement Agreement dated 2021-05-29 on record. The petitioner sought to withdraw the main petition CP (IB) No. 120/Chd/HP/2021 due to the settlement. The learned counsel for the petitioner stated that in view of the settlement dated 2021-05-29, the petitioner may be permitted to withdraw the present petition. The court considered the settlement agreement and the statement of the learned counsel for the petitioner.

## Issues and analysis

### Issue 1: Whether the Settlement Agreement dated …

**Ratio:** A settlement agreement presented by the

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**Reasoning:** The court considered the application filed by the applicant/corporate debtor to place the

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**Interpretation:** The court interprets the procedural aspect of accepting a settlement agreement

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**Application:** The court took the Settlement Agreement dated 2021-05-29 on record, as

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Rakesh Sa…
- **Respondents:** Blue Coast…

## Timeline

- **2021-05-29 — Settlement Agreement…**: Settlement Agreement was…
- **2022-09-02 — Order Da…**: IA No. 632/2021 was disposed of and CP (IB) No. 120/Chd/HP/2021 was dismissed as…

## 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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