# In the matter of Percept Advertising Ltd.

> NCLT judgment dated 2023-09-12. Citation: TCN-2023-NCLT-01696. The case involves Spenta Multimedia Pvt Ltd versus Percept Advertising Ltd. The matter was…

- **Court:** NCLT
- **Order date:** 12 Sept 2023
- **Citation:** TCN-2023-NCLT-01696
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/percept-advertising-ltd-a78d4a41

## Summary

### Background

The case involves Spenta Multimedia Pvt Ltd versus Percept Advertising Ltd. The matter was brought before the National Company Law Tribunal (NCLT), Mumbai Bench. The application was filed under Section 9 of the IBC. IA 1735(MB)2022 is related to C.P. (IB)/2973(MB)2018.

## Facts

Spenta Multimedia Pvt Ltd initiated a case against Percept Advertising Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC). Both parties submitted to the NCLT that they had reached an amicable settlement. The Operational Creditor's (OC) counsel filed a Memorandum of Understanding (MOU) dated 2022-05-27, which specified a full and final settlement amount of Rs. 20,00,000. Consequently, the main application was disposed of as withdrawn. Additionally, I.A. 1735/2022, filed by the OC for an urgent hearing, became infructuous and was also disposed of.

## Issues and analysis

### Issue 1: Whether the main application can be disposed of as withdrawn due to an amicable settlement between …

**Ratio:** When parties to a legal proceeding reach an amicable settlement, the court may dispose of

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**Reasoning:** The court accepted the submission of both parties that they had amicably settled the

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**Interpretation:** This reflects the principle that courts generally encourage and respect

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**Application:** Since both Spenta Multimedia Pvt Ltd and Percept Advertising Ltd reached an

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## Parties

- **Judges:** SHRI. SANJI…; K. R. SAJI…
- **Appellants:** Spenta Multimedia…
- **Respondents:** Percept Advertisin…

## Timeline

- **2022-05-27 — MOU File…**: Counsel for the Operational Creditor (OC) filed a Memorandum of Understanding (MOU)…
- **2023-09-12 — Order Sheet of…**: The NCLT, Mumbai Bench, disposed of the main application as withdrawn and I.A. 1735/2022…

## 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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