# In the matter of Ozone Urbana Infra Developers Pvt. Ltd. I.A. No. 108 of 2022 in CP (IB) No. 100-BB-2021

> NCLT judgment dated 2022-03-25. Citation: TCN-2022-NCLT-03523. The case involves an application (I.A No. 108 of 2022) filed in CP (IB) No. 100/BB/2021 by the…

- **Court:** NCLT
- **Order date:** 25 Mar 2022
- **Citation:** TCN-2022-NCLT-03523
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ozone-urbana-infra-developers-pvt-ltd-ia-no-108-of-2022-in-cp-ib-no-100-bb-2021-a4167443

## Summary

### Background

The case involves an application (I.A No. 108 of 2022) filed in CP (IB) No. 100/BB/2021 by the Petitioner, M/s. Shapoornji Pallonji and Company Pvt Ltd, seeking to dispose of the Corporate Insolvency Resolution Process (CIRP) in terms of a Settlement Agreement dated 19.02.2022 entered into between the parties, M/s. Shapoornji Pallonji and Company Pvt Ltd (Petitioner) and M/s. Ozone Urbana Infra Developers Pvt Ltd (Respondent/Corporate Debtor). The Settlement Agreement was filed by the Respondent/Corporate Debtor on 10.03.2022.

## 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. During the pendency of the CIRP, both parties entered into a Settlement Agreement dated 19.02.2022. The Respondent/Corporate Debtor filed a copy of the Settlement Agreement with the court on 10.03.2022. The Petitioner then filed an Interlocutory Application (I.A No. 108 of 2022) seeking to dispose of the CIRP in terms of the Settlement Agreement. The Respondent/Corporate Debtor supported the Petitioner's application. The court considered the Settlement Agreement and the submissions of both parties.

## Issues and analysis

### Issue 1: Whether the Interlocutory Application (I.A No. 108 of 2022) should be allowed and the Corporate …

**Ratio:** The court has the power to dispose of a CIRP based on a Settlement Agreement between the

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**Reasoning:** The court considered the Settlement Agreement filed by the Respondent/Corporate Debtor

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**Interpretation:** This implies that the court recognizes the validity and enforceability of

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**Application:** The court applied this principle to the specific facts of the case, where a

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## Parties

- **Judges:** SH. AJAY KUMAR…; SH. MANOJ KUMAR…
- **Appellants:** M/s. Shapoornji…
- **Respondents:** M/s. Ozone Urbana…
- **Advocates:** Anupama H…; Perikal K…

## Timeline

- **2022-02-19 — Settlement Ag…**: Parties entered into a…
- **2022-03-10 — Filing of Settlement…**: Respondent/Corporate Debtor filed the…

## 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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