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

> NCLT judgment dated 2024-02-28. Citation: TCN-2024-NCLT-02341. The case pertains to C.P.(IB)/762(MB)2023 filed under Section 9 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 28 Feb 2024
- **Citation:** TCN-2024-NCLT-02341
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maharashtra-bio-fertilisers-india-pvt-ltd-aabdd4c2

## Summary

### Background

The case pertains to C.P.(IB)/762(MB)2023 filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Financial Creditor and Corporate Debtor have settled the debt, and the consent terms dated 25.02.2024 have been executed and placed on record.

## Facts

Meru Chem Private Limited filed a case against Maharashtra Bio Fertilisers (India) Private Limited under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Financial Creditor's counsel submitted that the debt has been settled, and consent terms dated 2024-02-25 have been executed and placed on record by the Corporate Debtor's counsel. Ms. Riddhi Wagle, Advocate i/b Mr. Vishal Shriya, appeared for the Petitioner. The settlement of the debt is the key fact that led to the dismissal of the case.

## Issues and analysis

### Issue 1: Whether C.P.(IB)762/2023 should be dismissed as withdrawn given the settlement between the …

**Ratio:** When parties to a case reach a settlement and consent terms are executed and placed on

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**Reasoning:** The court accepted the submission of the Learned Counsel for the Financial Creditor that

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**Interpretation:** This reflects the principle that courts encourage settlements between parties

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**Application:** Since the Financial Creditor and Corporate Debtor settled the debt and executed

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## Parties

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

## Timeline

- **2024-02-25 — Consent Terms…**: Consent terms between the Financial…
- **2024-02-28 — Order Sheet of…**: The court heard the matter and…

## 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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