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

> NCLT judgment dated 2022-03-04. Citation: TCN-2022-NCLT-03885. The Operational Creditor (Prakash Corporates) filed a petition under Section 9 of the…

- **Court:** NCLT
- **Order date:** 4 Mar 2022
- **Citation:** TCN-2022-NCLT-03885
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dee-vee-projects-limited-cp-ib-no-179-cb-2020-6a1fce4e

## Summary

### Background

The Operational Creditor (Prakash Corporates) filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate the 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. While the matter was part-heard, the Operational Creditor sought to withdraw the petition due to a settlement reached with the Corporate Debtor.

## Facts

Prakash Corporates, the Operational Creditor, initiated CIRP against Dee Vee Projects Limited, the Corporate Debtor, for defaulting on a payment of Rs. 13,36,52,632/-. The Corporate Debtor filed a counter with defects. Subsequently, both parties reached a settlement where the Corporate Debtor agreed to pay Rs. 11,88,00,000/- in installments. The Operational Creditor sought to withdraw the petition but requested the liberty to revive it if the Corporate Debtor defaulted on the settlement. The settlement deed was executed on 2021-12-20. The Corporate Debtor was to pay the amount in 13 installments commencing from 2021-12-23 and terminating on 2022-09-30. The Operational Creditor reserved liberty to file an application to revive/restore the instant CP(IB) No.179/CTB/2020

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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 it has been

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**Reasoning:** The tribunal reasoned that the cause of action merged with the final order of settlement.

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

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**Application:** The tribunal applied the ratio to the specific facts, noting that the

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** M/s. Prakash…
- **Respondents:** Dee Vee Projects…

## Timeline

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