# In the matter of Preca Solutions India Pvt. Ltd. Company Petition IB-280-2021

> NCLT judgment dated 2022-06-16. Citation: TCN-2022-NCLT-02219. The case pertains to a Company Petition (IB/280/2021) filed under Section 9 of the Insolvency…

- **Court:** NCLT
- **Order date:** 16 Jun 2022
- **Citation:** TCN-2022-NCLT-02219
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/preca-solutions-india-pvt-ltd-company-petition-ib-280-2021-091bc029

## Summary

### Background

The case pertains to a Company Petition (IB/280/2021) filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The hearing was conducted via video conference at the National Company Law Tribunal (NCLT), Hyderabad Bench. The Operational Creditor and the Corporate Debtor reached a settlement.

## Facts

The Company Petition with number IB/280/2021 was filed before the National Company Law Tribunal, Hyderabad Bench. The petition was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). Preca Solutions India Pvt Ltd is the company involved. The petitioner is Teenage Builders Pvt Ltd and the respondent is Preca Solutions India Pvt Ltd. A settlement was reached between the parties, and the Operational Creditor filed a settlement memo. Consequently, the petition was closed.

## Issues and analysis

### Issue 1: Whether the settlement arrived at between the parties justifies the closure of the Company Petition …

**Ratio:** A settlement between parties in a Company Petition, especially when the Operational

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**Reasoning:** The court acknowledges the settlement reached between the parties and the filing of the

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**Interpretation:** The interpretation is that the IBC allows for settlements between parties, and

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**Application:** In this specific case, the settlement between Preca Solutions India Pvt Ltd and

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## Parties

- **Judges:** Bhaskara Pantula…; BINOD KUMAR…
- **Appellants:** Teemage Builders…
- **Respondents:** Preca Solutions…

## Timeline

- **2022-06-16 — Hearing…**: Hearing of the National Company Law Tribunal, Hyderabad Bench, held on 16.06.2022 at…

## 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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