# In the matter of Omkar Realtors Pvt. Ltd. IA 3491-2022 in C.P. (IB)-484(MB)2020

> NCLT judgment dated 2022-11-22. Citation: TCN-2022-NCLT-00381. The case involves an application filed by the Applicant/Financial Creditor to record consent…

- **Court:** NCLT
- **Order date:** 22 Nov 2022
- **Citation:** TCN-2022-NCLT-00381
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/omkar-realtors-pvt-ltd-ia-3491-2022-in-cp-ib-484mb2020-207d78b1

## Summary

### Background

The case involves an application filed by the Applicant/Financial Creditor to record consent terms entered into by the parties on 2022-11-16. The Financial Creditor's counsel states that the Corporate Debtor will make payments as per the consent terms, satisfying the Financial Creditor. The Financial Creditor seeks liberty to revive the petition if the consent terms are breached.

## Facts

The Applicant/Financial Creditor filed an application to record 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, satisfying the Financial Creditor. The Financial Creditor also sought the liberty to revive the petition if the consent terms were breached. The court took the submissions on record, noting the agreement between the parties. The relevance of these facts lies in the agreement reached between the parties and the Financial Creditor's right to revive the petition if the Corporate Debtor fails to adhere to the consent terms.

## Issues and analysis

### Issue 1: Whether the application filed by the Applicant/Financial Creditor to record the consent terms …

**Ratio:** When parties enter into consent terms and agree to abide by them, the court can record

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

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**Interpretation:** This issue involves the interpretation of the Insolvency and Bankruptcy Code

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**Application:** In this case, the court applied the ratio by recording the consent terms

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## Parties

- **Judges:** Shyam Babu…; P.N. Des…
- **Appellants:** Mukta Ra…
- **Respondents:** Omkar Realtors…

## Timeline

- **2022-11-16 — Consent Terms…**: The parties entered…
- **2022-11-22 — Order Sheet of…**: Order sheet of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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