# In the matter of Geo API Solutions Private Limited

> NCLT judgment dated 2024-03-28. Citation: TCN-2024-NCLT-01911. The case involves an application (IA/1373/2024) filed in C.P. (IB)/3877(MB)2019 under Section 9…

- **Court:** NCLT
- **Order date:** 28 Mar 2024
- **Citation:** TCN-2024-NCLT-01911
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/geo-api-solutions-private-limited-a379127b

## Summary

### Background

The case involves an application (IA/1373/2024) filed in C.P. (IB)/3877(MB)2019 under Section 9 of the Insolvency and Bankruptcy Code, 2016. The applicant, Marine Geology Services LLP, sought to withdraw the company petition. The parties had entered into consent terms dated 27.02.2024 before the formation of the Committee of Creditors (COC).

## Facts

Marine Geology Services LLP (Operational Creditor) filed a company petition (CP/3877/2019) against Geo Api Solutions Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. Before the formation of the Committee of Creditors (COC), the parties entered into consent terms dated 27.02.2024. The Operational Creditor then filed an application (IA/1373/2024) seeking to withdraw the company petition. The settlement involved the Corporate Debtor paying a settlement amount of USD One million within a specified timeframe. The Operational Creditor sought liberty to revive the CIRP process if the Corporate Debtor failed to meet the settlement terms. The admission order dated 5th February, 2024 was recalled.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company petition (CP/3877/2019) should be allowed …

**Ratio:** The principle is that if parties reach a settlement before the formation of the COC, the

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**Reasoning:** The court reasoned that since the parties had entered into consent terms before the

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**Interpretation:** This interprets the provisions of the IBC to allow for settlements between

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Marine Geology…
- **Respondents:** Geo Api Solutions…
- **Advocates:** Archana De…; Sankalp An…

## Timeline

- **2019-01-01 — Filing of Company…**: Company petition…
- **2024-02-05 — Admission…**: Admission order was…

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