# In the matter of KLT Automotive and Tubular Products Ltd. IA 379-2022 in C.P. (IB)-30(MB)2020

> NCLT judgment dated 2022-02-18. Citation: TCN-2022-NCLT-04061. The case involves IA 379/2022 in C.P. (IB)/30(MB)2020 before the Mumbai Bench of the National…

- **Court:** NCLT
- **Order date:** 18 Feb 2022
- **Citation:** TCN-2022-NCLT-04061
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/klt-automotive-and-tubular-products-ltd-ia-379-2022-in-cp-ib-30mb2020-5ebe78da

## Summary

### Background

The case involves IA 379/2022 in C.P. (IB)/30(MB)2020 before the Mumbai Bench of the National Company Law Tribunal. The matter was taken up through Virtual Hearing (VC).

## Facts

The case pertains to IA 379/2022 in C.P. (IB)/30(MB)2020. Paramount Consultant and Corporate Advisors Pvt Ltd is the applicant, and KLT Automotive and Tubular Products Limited is the respondent. The counsel for the petitioner stated that the matter has been settled between the parties for a sum of Rs. 13,00,000/-. As a result, CP (IB) 30 of 2020 was dismissed, and IA 379 of 2022 was disposed of.

## Issues and analysis

### Issue 1: Whether the settlement between the parties warrants the dismissal of CP (IB) 30 of 2020 and the …

**Ratio:** When parties to a case reach a settlement and execute a settlement agreement, the court

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**Reasoning:** The court accepted the statement of the petitioner's counsel that the matter had been

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**Interpretation:** This legal issue involves the interpretation of the powers of the NCLT to

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**Application:** In this specific case, the ratio and reasoning were applied to the facts

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## Parties

- **Judges:** Shyam Babu…; R. Sucha…
- **Appellants:** PARAMOUNT…
- **Respondents:** KLT Automotive &…

## Timeline

- **2022-02-18 — Hearing of Mum…**: Hearing of the Mumbai Bench of the…
- **2022-02-18 — Order Is…**: Order issued dismissing CP (IB) 30 of 2020 and disposing of IA 379 of 2022 due to…

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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/klt-automotive-and-tubular-products-ltd-ia-379-2022-in-cp-ib-30mb2020-5ebe78da