# In the matter of Mahalaxmi Fasteners Pvt. Ltd.

> NCLT judgment dated 2023-06-07. Citation: TCN-2023-NCLT-03044. The case involves an application (IA 2333 of 2023) related to a Corporate Debtor. The matter…

- **Court:** NCLT
- **Order date:** 7 Jun 2023
- **Citation:** TCN-2023-NCLT-03044
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mahalaxmi-fasteners-pvt-ltd-129748ce

## Summary

### Background

The case involves an application (IA 2333 of 2023) related to a Corporate Debtor. The matter was presented before the Mumbai Bench of the National Company Law Tribunal (NCLT). The Interim Resolution Professional (IRP) filed the IA. The case was at an initial stage, and the Committee of Creditors (CoC) had not yet been formed.

## Facts

The Interim Resolution Professional (IRP) filed an Interlocutory Application (IA 2333 of 2023). The matter was settled between the Operational Creditor and the Corporate Debtor. The settlement agreement/consent terms dated May 25, 2023, were annexed with the application. The case was at an initial stage, and the Committee of Creditors (CoC) had not been formed. The admission order was dated May 12, 2023. CP 634 of 2021 was also involved in the proceedings.

## Issues and analysis

### Issue 1: Whether IA 2333 of 2023 should be allowed and disposed of, considering the settlement between the …

**Ratio:** When a matter has been settled between the parties, and the case is at an initial stage

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**Reasoning:** The court reasoned that since the matter had been settled between the Operational

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**Interpretation:** This interpretation suggests that the court prioritizes settlement between

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where a

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## Parties

- **Judges:** ANURADHA SANJAY…; Kuldip Kumar…

## Timeline

- **2023-05-25 — Settlement Agreement…**: Settlement agreement/consent…
- **2023-05-12 — Admission Ord…**: Admission order was…

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