# In the matter of Kinetic Green Energy And Power Solutions Ltd. C.P. (IB)-1134(MB)2021

> NCLT judgment dated 2022-08-10. Citation: TCN-2022-NCLT-01419. The case pertains to C.P.(IB)/1134(MB)2021 filed under the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 10 Aug 2022
- **Citation:** TCN-2022-NCLT-01419
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kinetic-green-energy-and-power-solutions-ltd-cp-ib-1134mb2021-7186cd71

## Summary

### Background

The case pertains to C.P.(IB)/1134(MB)2021 filed under the Insolvency and Bankruptcy Code, 2016. The matter involves Exicom Tele Systems Ltd as the Operational Creditor and Kinetic Green Energy And Power Solutions Ltd as the Corporate Debtor. The hearing was held on 2022-08-10.

## Facts

Exicom Tele Systems Ltd filed a petition C.P.(IB)/1134(MB)2021 against Kinetic Green Energy And Power Solutions Ltd under the Insolvency and Bankruptcy Code, 2016. During the hearing on 2022-08-10, the counsels for both parties informed the court that the matter had been settled amicably. Consequently, they sought to withdraw the petition. The court, acknowledging the settlement, dismissed the petition as withdrawn. Mr. Shantam Mandhyan a/w Ms. Aditi Mittal i/b M/s Krishnamurthy & Co., Ld. Cousnel represented the Operational Creditor, and Mr. Asav Rajan, Ld. Counsel represented the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the petition C.P.(IB)/1134(MB)2021 should be dismissed as withdrawn given the amicable …

**Ratio:** When parties to a legal dispute reach an amicable settlement, they have the right to

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**Reasoning:** The court accepted the submission of both counsels that the matter had been settled

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**Interpretation:** This reflects the principle that courts encourage and respect amicable

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**Application:** In this case, since both the Operational Creditor and the Corporate Debtor had

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Appellants:** Exicom Tele…
- **Respondents:** Kinetic Green…

## Timeline

- **2022-08-10 — Hearing…**: Hearing held where counsels submitted that…
- **2022-08-10 — Order Da…**: Order issued dismissing the petition…

## 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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