# 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-00377. 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-00377
- **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-632mb2020-6b117470

## 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 both parties on 2022-11-16. The Financial Creditor's counsel stated that the Corporate Debtor would make payments according to the consent terms, fully satisfying the Financial Creditor. The Financial Creditor also requested the ability to revive the petition if the consent terms were breached. The court acknowledged the submissions and noted the agreement on the consent terms. The relevance of the consent terms is that they outline the agreed-upon payment schedule and conditions for resolving the financial matter between the parties.

## Issues and analysis

### Issue 1: Whether the Company Petition should be closed based on the consent terms entered between the …

**Ratio:** When parties agree to consent terms and those terms are placed on record, the court can

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

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**Interpretation:** This legal issue involves the interpretation of the court's power to dispose of

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** SH. SHYAM BABU…; P.N. Des…
- **Appellants:** M S Wellness N…
- **Respondents:** Omkar Realtors…
- **Advocates:** KunalKa…; Tanushree…; +2 more

## Timeline

- **2022-11-16 — Consent Terms…**: The parties entered…
- **2022-11-22 — Order Sheet of…**: The court heard the matter and passed an order closing the Company Petition with liberty…

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