# In the matter of Maharashtra Bio Fertilisers (India) Pvt. Ltd.

> NCLT judgment dated 2024-02-28. Citation: TCN-2024-NCLT-02347. The case pertains to C.P.(IB)/762(MB)2023 before the National Company Law Tribunal, Mumbai…

- **Court:** NCLT
- **Order date:** 28 Feb 2024
- **Citation:** TCN-2024-NCLT-02347
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maharashtra-bio-fertilisers-india-pvt-ltd-71e62eba

## Summary

### Background

The case pertains to C.P.(IB)/762(MB)2023 before the National Company Law Tribunal, Mumbai Bench. The order sheet indicates a hearing on 28.02.2024. The matter involves Meru Chem Private Limited as the applicant and Maharashtra Bio Fertilisers (India) Private Limited as the respondent. The application was filed under Section 9 of the Insolvency & Bankruptcy Code, 2016.

## Facts

The key facts are as follows: Meru Chem Private Limited initiated insolvency proceedings against Maharashtra Bio Fertilisers (India) Private Limited under Section 9 of the Insolvency & Bankruptcy Code, 2016. Ms. Riddhi Wagle, Advocate i/b Mr. Vishal Shriya, appeared for the Petitioner. The Financial Creditor's counsel submitted that the debt has been settled, and consent terms dated 25.02.2024 have been executed and placed on record by the Corporate Debtor's counsel. As a result of the settlement, the tribunal dismissed the case C.P.(IB)/762/2023 as withdrawn. Any pending IAs/MAs were deemed infructuous. The relevance of the settlement is that it resolves the insolvency proceedings without further adjudication by the tribunal.

## Issues and analysis

### Issue 1: Whether the settlement between the Financial Creditor and the Corporate Debtor warrants the …

**Ratio:** A settlement between the parties in an insolvency proceeding can form the basis for the

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**Reasoning:** The court reasoned that since the financial creditor and the corporate debtor have

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**Interpretation:** This legal issue involves the interpretation of the Insolvency & Bankruptcy

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**Application:** In this specific case, the ratio and reasoning are applied to the fact that the

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** Meru Chem Private…
- **Respondents:** Maharashtra Bio…

## Timeline

- **2024-02-25 — Consent Terms…**: Consent terms between the Financial Creditor…
- **2024-02-28 — Hearing…**: Order sheet of the hearing where the…

## 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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