# In the matter of KSK Properties Pvt. Ltd. IA(IBC) 220 & 221-2022 in Company Petition IB-85-2021

> NCLT judgment dated 2022-03-15. Citation: TCN-2022-NCLT-03743. The case involves IA(IBC) 220/2022 & IA(IBC) 221/2022 in Company Petition IB/85/2021 under…

- **Court:** NCLT
- **Order date:** 15 Mar 2022
- **Citation:** TCN-2022-NCLT-03743
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ksk-properties-pvt-ltd-iaibc-220-221-2022-in-company-petition-ib-85-2021-590f8bcb

## Summary

### Background

The case involves IA(IBC) 220/2022 & IA(IBC) 221/2022 in Company Petition IB/85/2021 under Section 9 of the IBC, 2016. The operational creditor and corporate debtor are R.K. Steel Udyog and KSR Properties Pvt Ltd, respectively. The matter was heard on 2022-03-15 via video conference.

## Facts

R.K. Steel Udyog is the operational creditor, and KSR Properties Pvt Ltd is the corporate debtor. Company Petition IB/85/2021 was filed under Section 9 of the IBC, 2016. The matter was listed for hearing on 2022-03-15. The operational creditor's PCA informed the court that the matter had been settled between the parties, and Form FA had been filed with the IRP. Rs. 1 lakh was paid towards the IRP's expenses as directed by the Tribunal. Due to the settlement, IA(IBC)220/2022 and IA(IBC)221/2022 became infructuous. The case was scheduled for further hearing under Section 12A of IBC on 2022-03-22.

## Issues and analysis

### Issue 1: Whether IA(IBC)220/2022 and IA(IBC)221/2022 should be disposed of due to the settlement between the …

**Ratio:** When parties settle a dispute, pending applications related to that dispute may become

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**Reasoning:** The operational creditor's PCA submitted that the matter had been settled between the

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**Interpretation:** Settlement between parties is a valid ground for disposing of related

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**Application:** Since the parties settled, IA(IBC)220/2022 and IA(IBC)221/2022 were disposed of

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** R.K. Steel…
- **Respondents:** KSR Properties…

## Timeline

- **2021-01-01 — Company Petiti…**: Company Petition IB/85/2021 filed…
- **2022-03-15 — Hearing…**: Hearing held on 2022-03-15 at 10:30…

## 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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