# In the matter of Jaiprakash Associates Ltd. CP (IB) No. 29-ALD-2021

> NCLT judgment dated 2022-04-01. Citation: TCN-2022-NCLT-03420. The case pertains to CP (IB) No.29/ALD/2021 filed before the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 1 Apr 2022
- **Citation:** TCN-2022-NCLT-03420
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jaiprakash-associates-ltd-cp-ib-no-29-ald-2021-02831b99

## Summary

### Background

The case pertains to CP (IB) No.29/ALD/2021 filed before the National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj. The matter involves Safex Commercials Pvt Ltd V/S Jaiprakash Associates Ltd. The hearing took place on April 1st, 2022.

## Facts

The case involves Safex Commercials Pvt Ltd as the operational creditor and Jaiprakash Associates Ltd as the corporate debtor. The matter was filed under Section 9 of the IBC. During the hearing on April 1st, 2022, the counsel for the operational creditor informed the NCLT that the matter had been settled out of court. Consequently, the NCLT dismissed the case as withdrawn.

## Issues and analysis

### Issue 1: Whether CP (IB) No.29/ALD/2021 should be dismissed as withdrawn given the submission that the …

**Ratio:** When parties to a case inform the court that they have settled the matter out of court,

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**Reasoning:** The court accepted the submission of the counsel appearing for the operational creditor

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**Interpretation:** This reflects the principle that courts generally respect and facilitate

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**Application:** In this specific case, the court applied the principle by dismissing CP (IB)

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## Parties

- **Judges:** Rajasekha…; SH. AVINASH KUMAR…
- **Appellants:** Safex Commercials…
- **Respondents:** Jaiprakash…
- **Advocates:** Gunjan Ja…; Sh. Abhishek…

## Timeline

- **2022-04-01 — Hearing…**: Hearing held on April…
- **N/A — Submission of S…**: Counsel for the operational creditor submitted that the matter has been settled out of…

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