# In the matter of Larsen and Toubro Ltd.

> NCLT judgment dated 2023-10-10. Citation: TCN-2023-NCLT-01327. The case involves a dispute between Agx Logistics India Pvt Ltd and Larsen & Toubro Ltd. The…

- **Court:** NCLT
- **Order date:** 10 Oct 2023
- **Citation:** TCN-2023-NCLT-01327
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/larsen-and-toubro-ltd-5efa1e2b

## Summary

### Background

The case involves a dispute between Agx Logistics India Pvt Ltd and Larsen & Toubro Ltd. The counsels for the Operational Creditor (OC) and the Corporate Debtor (CD) jointly submitted that the matter has been settled between the parties, and they have also filed a Memo of Withdrawal.

## Facts

Agx Logistics India Pvt Ltd initiated a Corporate Petition against Larsen & Toubro Ltd. During the proceedings, both parties reached a settlement. The counsels representing both the Operational Creditor (Agx Logistics) and the Corporate Debtor (Larsen & Toubro Ltd) jointly informed the court about the settlement. A Memo of Withdrawal was filed with the court, indicating the parties' intention to withdraw the petition based on the settlement. The key fact is the settlement between the parties, leading to the filing of the Memo of Withdrawal and the subsequent disposal of the petition.

## Issues and analysis

### Issue 1: Whether the Corporate Petition can be disposed of as withdrawn based on the joint submission of …

**Ratio:** When parties to a legal proceeding jointly submit that they have settled the matter and

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**Reasoning:** The court reasoned that the joint submission of settlement and the filing of the Memo of

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**Interpretation:** This legal principle allows parties to resolve disputes amicably and withdraw

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**Application:** In this case, the counsels for both Agx Logistics India Pvt Ltd (Operational

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## Parties

- **Judges:** SANJIV…; K. R. SAJI…
- **Appellants:** Agx Logistics…
- **Respondents:** Larsen and Toubro…

## Timeline

- **2023-10-10 — Order Sheet of…**: The order sheet of…
- **N/A — Filing of Memo of…**: Counsel for the OC and the CD jointly submit that the matter has been settled between…

## 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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