# In the matter of OM Dhar Engineering Pvt. Ltd.

> NCLT judgment dated 2023-09-29. Citation: TCN-2023-NCLT-01432. The case pertains to CP(IB) No. 399/9/HDB/2022 filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 29 Sept 2023
- **Citation:** TCN-2023-NCLT-01432
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/om-dhar-engineering-pvt-ltd-6bfd077c

## Summary

### Background

The case pertains to CP(IB) No. 399/9/HDB/2022 filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The matter involves Keshan Trading Corporation as the Operational Creditor and OM Dhar Engineering Pvt Ltd as the Corporate Debtor. The case was listed before the National Company Law Tribunal (NCLT), Hyderabad Bench – 1.

## Facts

Keshan Trading Corporation, acting as the Operational Creditor, initiated a corporate insolvency resolution process against OM Dhar Engineering Pvt Ltd, the Corporate Debtor, by filing CP(IB) No. 399/9/HDB/2022 under Section 9 of the IBC, 2016. During the proceedings before the NCLT Hyderabad Bench-1, both parties informed the court that they had reached a settlement. A joint memo dated 2023-09-29, along with a copy of the settlement agreement, was submitted to the court. The court took the settlement on record and dismissed the company petition. The key fact is the settlement between the parties, leading to the dismissal of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the settlement arrived at between the Operational Creditor and the Corporate Debtor …

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

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**Reasoning:** The court reasoned that since both parties had reported a settlement and filed a joint

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**Interpretation:** This interpretation acknowledges the court's discretion to accept settlements

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**Application:** In this specific case, the court applied the ratio by accepting the joint memo

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Vikash Kumar…
- **Respondents:** OM Dhar Engineerin…

## Timeline

- **2023-09-29 — Hearing…**: Attendance cum order sheet of the…
- **2023-09-29 — Joint Memo…**: Joint memo dated 29.09.2023 has been filed along with a photo copy of the settlement…

## 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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