# In the matter of Kerala State Electronics Development Corporation Limited CP(IB)-24-KOB-2021

> NCLT judgment dated 2022-01-31. Citation: TCN-2022-NCLT-04307. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 31 Jan 2022
- **Citation:** TCN-2022-NCLT-04307
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kerala-state-electronics-development-corporation-limited-cpib-24-kob-2021-9cf438d9

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by Nevaeh Technology Private Limited (Operational Creditor) against Kerala State Electronics Development Corporation Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process. The application was admitted on 21.01.2022, and a moratorium was declared under Section 14(1) of the IBC 2016.

## Facts

Nevaeh Technology Private Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Kerala State Electronics Development Corporation Limited, the corporate debtor, to initiate the Corporate Insolvency Resolution Process. The application was admitted on 21.01.2022, leading to a moratorium. Subsequently, on 26th January 2022, both parties entered into a settlement agreement. As per the agreement, Keltron (Kerala State Electronics Development Corporation Limited) agreed to pay Nevaeh a sum of Rs. 1,27,55,150 in two installments and Rs. 2 lacs out of the remaining amount of Rs. 20,60,755, with the balance to be paid upon receipt of funds from Kolkata Police. Nevaeh agreed to waive off the interest portion of

…

## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, can be …

**Ratio:** The Insolvency and Bankruptcy Code allows for the withdrawal of an application if the

…

**Reasoning:** The tribunal considered the settlement agreement reached between Nevaeh Technology and

…

**Interpretation:** The legal interpretation is that settlement agreements are recognized under the

…

**Application:** In this case, the ratio was applied to the fact that the parties had reached a

…

## Parties

- **Judges:** Ashok Kumar…; Anil Ku…
- **Respondents:** KERALA STATE…

## Timeline

- **2021-01-01 — CP(IB)/24/KOB/2…**: CP (IB)/24/KOB/2021 was filed under Section 9 of I&B Code, 2016 by the Operational…
- **2022-01-21 — Application A…**: The Tribunal admitted the application No. CP(IB)/24/KOB/2021 declaring moratorium under…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kerala-state-electronics-development-corporation-limited-cpib-24-kob-2021-9cf438d9