# In the matter of Gokul Exim Private Limited

> NCLT judgment dated 2023-10-19. Citation: TCN-2023-NCLT-01097. The case involves a restoration application (R.A (IBC)/153/2023) filed by Jatalia Global…

- **Court:** NCLT
- **Order date:** 19 Oct 2023
- **Citation:** TCN-2023-NCLT-01097
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gokul-exim-private-limited-90d0bc36

## Summary

### Background

The case involves a restoration application (R.A (IBC)/153/2023) filed by Jatalia Global Ventures Limited, the applicant/operational creditor, seeking the revival of a previously withdrawn Company Petition (C.P.(IB)/1456/ND/2018) against Gokul Exim Private Limited, the corporate debtor. The initial petition was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, for initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in payment of operational debt. However, before admission, the parties entered into a settlement agreement dated 15.09.2021, leading to the withdrawal of the initial petition. The corporate debtor allegedly failed to comply with the terms of the settlement agreement, prompting the applicant to seek revival

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## Facts

M/s. Jatalia Global Ventures Limited ('Applicant/Operational Creditor') filed a restoration application seeking to revive C.P.(IB)/1456/ND/2018 against M/s. Gokul Exim Private Limited ('Corporate Debtor'). The initial C.P.(IB)/1456/ND/2018 was filed under Section 9 of the IBC, 2016, due to a default in payment of operational debt amounting to Rs. 1,76,56,269/-. Before admission of the initial application, the parties entered into a settlement agreement dated 15.09.2021, wherein the Corporate Debtor agreed to pay Rs. 1,54,00,000/- by 31.12.2021. Consequently, a joint application (I.A/4189/ND/2021) was filed to withdraw C.P.(IB)/1456/ND/2018, which was allowed by the Adjudicating Authority on 20.09.2021. The Corporate Debtor allegedly failed to comply with the settlement

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## Issues and analysis

### Issue 1: Whether the restoration of the C.P.(IB)/1456/2018, an application filed under Section 9 of the …

**Ratio:** The IBC is not a recovery mechanism for debts, and claims arising from breach of

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**Reasoning:** The court reasoned that once the parties entered into a settlement agreement, the nature

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**Interpretation:** The court interpreted Section 5(21) of the IBC to mean that the debt must be

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**Application:** The court applied the ratio to the facts of the case, noting that the claim

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## Parties

- **Judges:** MANNI SANKARIAH…; BINOD KUMAR…
- **Appellants:** Jatalia Global…
- **Respondents:** Gokul Exim…; Gokul Exim Pvt.…

## Timeline

- **2018-01-01 — Initial Appl…**: C.P.(IB)/1456/ND/2018 filed…
- **2021-09-15 — Settlement Ag…**: Applicant and Corporate Debtor…

## 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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