# In the matter of Nikhil Footwear Pvt. Ltd. IA-1301-ND-2022 in IB-2032-ND-2019

> NCLT judgment dated 2022-03-30. Citation: TCN-2022-NCLT-03474. The application IA-1301/ND/2022 was filed in the matter of Chowdhry Rubber & Chemical Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 30 Mar 2022
- **Citation:** TCN-2022-NCLT-03474
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nikhil-footwear-pvt-ltd-ia-1301-nd-2022-in-ib-2032-nd-2019-d30ddf81

## Summary

### Background

The application IA-1301/ND/2022 was filed in the matter of Chowdhry Rubber & Chemical Pvt. Ltd. versus Nikhil Footwear Pvt. Ltd. in relation to IB-2032/ND/2019. The applicant stated that the matter has been settled and dues have been paid.

## Facts

Chowdhry Rubber & Chemical Pvt. Ltd. filed an application (IA-1301/ND/2022) against Nikhil Footwear Pvt. Ltd. The applicant stated that the matter has been settled and all dues have been paid. The IRP's counsel stated that five claims were received, but the CoC was not constituted. The parties reached a settlement, leading to the disposal of the application. The Corporate Debtor is discharged from the CIR process, and the moratorium is lifted.

## Issues and analysis

### Issue 1: Whether the application IA-1301/ND/2022 should be disposed of given the settlement between the …

**Ratio:** When parties reach a settlement and dues are paid, the court may dispose of the

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**Reasoning:** The court considered the applicant's statement that the matter has been settled and dues

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**Interpretation:** This reflects the principle that courts generally respect and enforce

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**Application:** Since the applicant stated the matter was settled and dues paid, and a

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** Chowdhry Rubber &…
- **Respondents:** NIKHIL FOOTWEAR…

## Timeline

- **2022-03-30 — Order Del…**: Order delivered on 30.03.2022…

## 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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