# In the matter of Bnazrum Agro Exports Private Limited IBA-1352-2019

> NCLT judgment dated 2022-02-07. Citation: TCN-2022-NCLT-04244. The case involves a petition under Section 9 Rule 6 of the IBC 2016 filed by Sakthi Containers…

- **Court:** NCLT
- **Order date:** 7 Feb 2022
- **Citation:** TCN-2022-NCLT-04244
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bnazrum-agro-exports-private-limited-iba-1352-2019-ae64458e

## Summary

### Background

The case involves a petition under Section 9 Rule 6 of the IBC 2016 filed by Sakthi Containers Private Limited against Bnazrum Agro Exports Limited. An earlier order was passed on 2022-01-11. During the proceedings, the parties reached a settlement where the Corporate Debtor agreed to pay Rs. 37,09,580/- along with Rs. 7,50,000/- as interest to the Operational Creditor for the full satisfaction of the dues.

## Facts

Sakthi Containers Private Limited filed a petition (IBA/1352/2019) against Bnazrum Agro Exports Limited under Section 9 Rule 6 of the IBC 2016. The case was heard by the Chennai Bench of the National Company Law Tribunal (NCLT). During the proceedings, the parties arrived at a settlement. Bnazrum Agro Exports Limited agreed to pay Sakthi Containers Private Limited a sum of Rs. 37,09,580/- plus Rs. 7,50,000/- as interest, totaling Rs. 44,59,580/-, to fully satisfy the claim. A Joint Compromise & Settlement Memo was signed by both parties and their counsels. The court took the settlement memo on record. The relevance of these facts is that they demonstrate the resolution of a debt dispute through mutual agreement and the subsequent dismissal of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the settlement arrived at between Sakthi Containers Private Limited and Bnazrum Agro …

**Ratio:** A settlement agreement, when duly executed and agreed upon by all parties, is generally

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**Reasoning:** The court acknowledged the Joint Compromise & Settlement Memo signed by both parties

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**Interpretation:** The legal issue revolves around the validity of a settlement agreement in the

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**Application:** In this case, the ratio applies because both parties signed the settlement

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## Parties

- **Judges:** S. Ramath…; B. Anil…
- **Appellants:** Sakthi Containers…
- **Respondents:** Bnazrum Agro…

## Timeline

- **2022-01-11 — Earlier…**: An earlier order was…
- **2022-02-07 — Hearing…**: Hearing held on 07-02-2022 at 10:30…

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