# In the matter of Gini & Jony Limited

> NCLT judgment dated 2023-10-10. Citation: TCN-2023-NCLT-01317. I.A. No. 4459/2023 was filed for the withdrawal of the main C.P. The matter was settled between…

- **Court:** NCLT
- **Order date:** 10 Oct 2023
- **Citation:** TCN-2023-NCLT-01317
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gini-jony-limited-0cbc511b

## Summary

### Background

I.A. No. 4459/2023 was filed for the withdrawal of the main C.P. The matter was settled between the parties for an amount of Rs. 37,50,00,000/- payable in six installments by the Corporate Debtor (CD). The Financial Creditor (FC) has already received part payment, and the last tranche is due on 31.12.2024.

## Facts

The Financial Creditor (FC) and Corporate Debtor (CD) reached a settlement for Rs. 37,50,00,000/- payable in six installments by the CD. The FC received part payment, with the last installment due on 31.12.2024. Consequently, I.A. No. 4459/2023 was filed for the withdrawal of the main Corporate Petition (CP). The settlement is the key fact that led to the application for withdrawal of the CP.

## Issues and analysis

### Issue 1: Whether I.A. No. 4459/2023 for withdrawal of the main C.P. should be allowed based on the …

**Ratio:** A settlement between the parties in a corporate insolvency resolution process can form

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**Reasoning:** The court considered the joint submission of the counsel for the FC and CD, indicating

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**Interpretation:** The legal interpretation is that a settlement between parties is a valid ground

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**Application:** In this case, the settlement between the FC and CD for Rs. 37,50,00,000/-

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## Parties

- **Judges:** SANJIV…; K. R. SAJI…
- **Appellants:** Invent Assets…
- **Respondents:** Andre construction…

## Timeline

- **2023-10-10 — Order Sheet of…**: Order sheet of hearing…
- **2023-01-01 — I.A. No. 4459/2…**: Counsel for the FC and CD jointly submit that I.A. No. 4459/2023 is filed for withdrawal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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