# In the matter of Ozone Urbana Infra Developers Pvt. Ltd. I.A. No. 107 of 2022 in CP (IB) No. 102-BB-2021

> NCLT judgment dated 2022-03-25. Citation: TCN-2022-NCLT-03528. The case pertains to I.A No. 107 of 2022 in CP (IB) No. 102/BB/2021 filed by the Petitioner,…

- **Court:** NCLT
- **Order date:** 25 Mar 2022
- **Citation:** TCN-2022-NCLT-03528
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ozone-urbana-infra-developers-pvt-ltd-ia-no-107-of-2022-in-cp-ib-no-102-bb-2021-230236f8

## Summary

### Background

The case pertains to I.A No. 107 of 2022 in CP (IB) No. 102/BB/2021 filed by the Petitioner, M/s. Shapoornji Pallonji and Company Pvt Ltd, against the Respondent, M/s. Ozone Urbana Infra Developers Pvt Ltd, under Section 9 of the Insolvency & Bankruptcy Code, 2016. The application sought to dispose of the Corporate Insolvency Resolution Process (CIRP) in terms of a Settlement Agreement dated 19.02.2022 entered into between the parties. The Settlement Agreement copy was already filed by the Respondent/Corporate Debtor.

## Facts

M/s. Shapoornji Pallonji and Company Pvt Ltd (Petitioner) initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Ozone Urbana Infra Developers Pvt Ltd (Respondent/Corporate Debtor) under Section 9 of the Insolvency & Bankruptcy Code, 2016, registered as CP (IB) No. 102/BB/2021. Subsequently, the parties entered into a Settlement Agreement dated 19.02.2022. The Petitioner filed I.A No. 107 of 2022 seeking to dispose of the CIRP in terms of the Settlement Agreement. The Respondent/Corporate Debtor had already filed a copy of the Settlement Agreement with the court. The Respondent/Corporate Debtor supported the disposal of the CIRP based on the Settlement Agreement. The key fact is the existence and filing of the Settlement Agreement, which formed the

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## Issues and analysis

### Issue 1: Whether I.A No. 107 of 2022 should be allowed, and C.P. (IB) No. 102/BB/2021 be disposed of, in …

**Ratio:** The legal principle applied is that when parties to a CIRP enter into a valid Settlement

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**Reasoning:** The court reasoned that since both parties had entered into a Settlement Agreement and

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**Interpretation:** This reflects the interpretation that the IBC allows for resolution of disputes

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**Application:** The existence of the Settlement Agreement dated 19.02.2022, coupled with the

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## Parties

- **Judges:** SH. AJAY KUMAR…; SH. MANOJ KUMAR…
- **Appellants:** M/s. Shapoornji…
- **Respondents:** M/s. Ozone Urbana…

## Timeline

- **2022-02-19 — Settlement Ag…**: Settlement Agreement dated 19.02.2022…
- **2022-03-23 — Filing of Settlement…**: Copy of the Settlement Agreement filed by the Respondent/Corporate Debtor vide Diary…

## 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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