# 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-00373. 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-00373
- **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-484mb2020-9ca675ba

## Summary

### Background

The case involves an application filed by the Applicant/Financial Creditor to record consent terms entered between 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 in full. The Financial Creditor seeks the liberty to revive the petition if the consent terms are breached.

## Facts

The Applicant/Financial Creditor filed an application 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 according to the consent terms, which would fully satisfy the Financial Creditor. The Financial Creditor also requested the liberty to revive the petition if the consent terms were breached. The court acknowledged the submissions and noted the agreement between the parties. Consequently, the Company Petition was closed, but the Financial Creditor retained the right to revive it if the consent terms were violated. The key fact is the agreement on consent terms and the provision for revival of the petition.

## Issues and analysis

### Issue 1: Whether the Applicant/Financial Creditor should be granted the liberty to revive the Company …

**Ratio:** The legal principle applied is that parties are bound by the consent terms they have

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

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**Interpretation:** This involves interpreting the agreement between the parties and the

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**Application:** The ratio and reasoning are applied to the specific facts by closing the

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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…

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