# In the matter of Nayek Paper Industries Private Limited C.P. (IB)-48(KB)2019

> NCLT judgment dated 2022-02-17. Citation: TCN-2022-NCLT-04098. The case involves Tirupati Commercials versus Nayek Paper Industries Private Limited. The…

- **Court:** NCLT
- **Order date:** 17 Feb 2022
- **Citation:** TCN-2022-NCLT-04098
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nayek-paper-industries-private-limited-cp-ib-48kb2019-0768a736

## Summary

### Background

The case involves Tirupati Commercials versus Nayek Paper Industries Private Limited. The parties jointly submitted terms of settlement, which were filed with the registry. The case, CP(IB)/48(KB)2019, was subsequently disposed of.

## Facts

Tirupati Commercials initiated a case against Nayek Paper Industries Private Limited under the IBC, Section 9. Both parties, represented by their respective counsels, jointly submitted terms of settlement to the court registry. The court acknowledged the settlement and disposed of the case, CP(IB)/48(KB)2019. The terms of settlement are to be considered part of the court's order. The operational creditor, Tirupati Commercials, is granted the liberty to revive the petition if the terms of the settlement are not fulfilled.

## Issues and analysis

### Issue 1: Whether the terms of settlement submitted by the parties are sufficient grounds to dispose of the …

**Ratio:** A case can be disposed of if the parties involved reach a settlement and submit the terms

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**Reasoning:** The court reasoned that since both parties jointly submitted the terms of settlement, it

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**Interpretation:** This interprets the legal principle that settlements are favored in law and can

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**Application:** The ratio is applied to the fact that the parties jointly submitted the terms

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Tirupati Commercia…
- **Respondents:** Nayek Paper…
- **Advocates:** Rishav Ka…; Vikram Wa…

## Timeline

- **2022-02-17 — Hearing…**: Attendance-cum-order sheet of the hearing…
- **N/A — Submission of…**: Ld. Counsel for the parties jointly submit that the Terms of Settlement has been filed…

## 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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