# In the matter of MYC Infra Pvt. Ltd. IA No.05-2022 In CP No.(IB)11-ALD-2020

> NCLT judgment dated 2022-01-07. Citation: TCN-2022-NCLT-04516. IA No.05/ALD/2022 was filed by the corporate debtor to record a settlement agreement dated…

- **Court:** NCLT
- **Order date:** 7 Jan 2022
- **Citation:** TCN-2022-NCLT-04516
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/myc-infra-pvt-ltd-ia-no05-2022-in-cp-noib11-ald-2020-f5ac379e

## Summary

### Background

IA No.05/ALD/2022 was filed by the corporate debtor to record a settlement agreement dated 2022-02-03 arrived at with the operational creditor. The matter was argued on various dates, and the corporate debtor was given an opportunity to settle the matter, considering the impending admission of the petition. Negotiations took place, leading to the settlement agreement.

## Facts

The corporate debtor, M/S Jalnidhi Bitumen Specialities Pvt Ltd, filed IA No.05/ALD/2022 to bring a settlement agreement with the operational creditor on record. The settlement agreement was dated 2022-02-03. The court had previously granted the corporate debtor an opportunity to settle the matter out of court. Negotiations ensued, culminating in the settlement agreement. The operational creditor is present through their counsel, Sh. Krishna Agarwal. The corporate debtor is present through their counsel, Ms. Sushmita Mukherjee. The court took the settlement agreement on record and disposed of the insolvency proceedings.

## Issues and analysis

### Issue 1: Whether the settlement agreement between the corporate debtor and the operational creditor should …

**Ratio:** A settlement agreement reached between parties in a legal dispute can be taken on record

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**Reasoning:** The court reasoned that negotiations had taken place between the parties, resulting in an

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**Interpretation:** This interpretation allows for the recognition and enforcement of settlement

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**Application:** The court applied this principle by taking the settlement agreement dated

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Respondents:** M/S JALNIDHI…

## Timeline

- **2022-02-03 — Settlement Agreement…**: The settlement agreement between the corporate debtor and the operational creditor was…
- **2022-02-07 — Hearing…**: Hearing held on…

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