# 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-03729. 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-03729
- **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-85-2021-70f30c28

## 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 listed before the National Company Law Tribunal, Hyderabad Bench – 1. The hearing was held on 15-03-2022 via video conference.

## Facts

R.K. Steel Udyog is the operational creditor, and KSR Properties Pvt Ltd is the corporate debtor in Company Petition IB/85/2021. The matter came before the NCLT Hyderabad Bench – 1. The parties have settled the matter, and Form FA has been filed with the Interim Resolution Professional (IRP). Rs. 1 lakh has been paid towards the IRP's expenses as directed by the Tribunal. The settlement led to IA(IBC)220/2022 & IA(IBC)221/2022 becoming infructuous. The case was listed for hearing under Section 12A of IBC, 2016.

## Issues and analysis

### Issue 1: Whether IA(IBC)220/2022 & IA(IBC)221/2022 have become infructuous due to the settlement between …

**Ratio:** When parties settle a matter, any related

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**Reasoning:** The court reasoned that because the parties had settled the matter, the applications

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**Interpretation:** This interprets the principle that settlement between parties renders pending

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**Application:** Since the operational creditor and corporate debtor settled their dispute,

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## Parties

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

## Timeline

- **2022-03-15 — Hearing…**: Hearing held on 15-03-2022 at 10:30…
- **2022-03-22 — Next Hearin…**: For hearing the petitioner under Section…

## 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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