# In the matter of Geo API Solutions Private Limited

> NCLT judgment dated 2024-03-28. Citation: TCN-2024-NCLT-01924. The case involves an application (IA/1373/2024) in a corporate insolvency resolution process…

- **Court:** NCLT
- **Order date:** 28 Mar 2024
- **Citation:** TCN-2024-NCLT-01924
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/geo-api-solutions-private-limited-c21a5a97

## Summary

### Background

The case involves an application (IA/1373/2024) in a corporate insolvency resolution process (CIRP) initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016. The applicant sought to withdraw the company petition (IB/3877/MB/2019). The parties had entered into consent terms before the formation of the Committee of Creditors (COC).

## Facts

Marine Geology Services LLP (Operational Creditor) initiated a CIRP against Geo Api Solutions Private Limited (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The admission order was dated 5th February 2024. Before the formation of the Committee of Creditors (COC), both parties entered into consent terms dated 27th February 2024, agreeing to a settlement. The Operational Creditor sought to withdraw the company petition (IB/3877/MB/2019) through IA/1373/2024. The settlement involved the Corporate Debtor paying a settlement amount of USD One million within 90 days. The Operational Creditor requested the liberty to revive the CIRP if the Corporate Debtor failed to pay the settlement amount. The applicant also sought to be discharged from the

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## Issues and analysis

### Issue 1: Whether the application (IA/1373/2024) for withdrawal of the company petition (IB/3877/MB/2019) …

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

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

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**Interpretation:** This interprets the provisions of the IBC to allow for flexibility in cases

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**Application:** The ratio and reasoning were 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…

## Timeline

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

## 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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