# In the matter of Omkar Realtors & Developers Private Limited IA 3498-2022 in C.P. (IB)-632(MB)2020

> NCLT judgment dated 2022-11-22. Citation: TCN-2022-NCLT-00382. The case involves an application filed by the Applicant/Financial Creditor to place on record…

- **Court:** NCLT
- **Order date:** 22 Nov 2022
- **Citation:** TCN-2022-NCLT-00382
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/omkar-realtors-developers-private-limited-ia-3498-2022-in-cp-ib-632mb2020-5e1114ea

## Summary

### Background

The case involves an application filed by the Applicant/Financial Creditor to place on record the consent terms entered between the parties on 2022-11-16. The Financial Creditor's counsel submits that the Corporate Debtor will make the payment as per the consent terms, satisfying the Financial Creditor in full.

## Facts

An application was filed by the Applicant/Financial Creditor to record the consent terms agreed upon by the parties on 2022-11-16. The Financial Creditor's counsel stated that the Corporate Debtor would make payments as per the consent terms, fully satisfying the Financial Creditor. The Financial Creditor also requested the liberty to revive the petition if the consent terms were breached. The parties' submissions were recorded, and the court noted the agreement on the consent terms.

## Issues and analysis

### Issue 1: Whether the Company Petition should be closed based on …

**Ratio:** When parties enter into consent terms and agree to resolve their dispute, the court can

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**Reasoning:** The court reasoned that since both parties agreed to the consent terms, closing the

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**Interpretation:** This reflects the principle that courts encourage settlements and will

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**Application:** Since both parties agreed to the consent terms, the court applied the ratio by

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## Parties

- **Judges:** SH. SHYAM BABU…; P.N. Des…
- **Appellants:** M S Wellness N…
- **Respondents:** Omkar Realtors…

## Timeline

- **2022-11-16 — Consent Terms…**: The parties entered into consent…
- **2022-11-22 — Order Sheet of…**: The court heard the submissions and closed the…

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