# In the matter of Dee Vee Projects Limited CP (IB) No. 179-CB-2020

> NCLT judgment dated 2022-03-04. Citation: TCN-2022-NCLT-03888. The Operational Creditor (OC) filed a petition under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 4 Mar 2022
- **Citation:** TCN-2022-NCLT-03888
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dee-vee-projects-limited-cp-ib-no-179-cb-2020-05c648ec

## Summary

### Background

The Operational Creditor (OC) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (CD) for defaulting on a payment of Rs. 13,36,52,632/- for services rendered. The CD filed a counter, which was returned for rectification of defects, but the defects were never rectified. Subsequently, the OC and CD reached a settlement and filed a Joint Memo to dispose of the petition.

## Facts

The Operational Creditor (Prakash Corporates) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor (Dee Vee Projects Limited) for defaulting on a payment of Rs. 13,36,52,632/- for services rendered. The Corporate Debtor filed a counter, which was returned for rectification of defects, but the defects were never rectified. The Operational Creditor and Corporate Debtor subsequently reached a settlement where the Corporate Debtor agreed to pay Rs. 11,88,00,000/- in 13 installments commencing from 23.12.2021 and terminating on 30.09.2022. The Operational Creditor sought liberty to revive the petition if the Corporate Debtor defaulted on the settlement terms. The

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## Issues and analysis

### Issue 1: Whether any liberty could be granted to the OC to revive/restore the Petition in CP(IB) No. …

**Ratio:** The Tribunal cannot grant liberty to restore or revive a petition after a settlement has

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**Reasoning:** The Tribunal reasoned that the IBC does not explicitly provide for such liberty, and

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**Interpretation:** The interpretation of the IBC, NCLT Rules, and CPC provisions suggests that

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**Application:** In this specific case, the Tribunal applied the ratio by denying the OC's

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** M/s. Prakash…
- **Respondents:** Dee Vee Projects…
- **Advocates:** Saswat Kumar…; S. Ph…; +4 more

## Timeline

- **2021-07-13 — CD files C…**: Corporate Debtor filed a Counter to the petition, which was returned by the Registry to…
- **2021-12-20 — Settlement Deed…**: Operational Creditor and Corporate…

## 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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