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

> NCLT judgment dated 2022-06-16. Citation: TCN-2022-NCLT-02216. 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-02216
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/preca-solutions-india-pvt-ltd-company-petition-ib-280-2021-1bcc8b9a

## Summary

### Background

The case pertains to a Company Petition (IB/280/2021) filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The petition was filed by the operational creditor.

## Facts

The Company Petition IB/280/2021 was filed. Preca Solutions India Pvt Ltd is the company involved. The petitioner is Teenage Builders Pvt Ltd. The respondent is Preca Solutions India Pvt Ltd. A settlement was reached between the parties, and a settlement memo was filed by the Operational Creditor. The petition was filed under Section 9 of the IBC. This settlement led to the closure of the petition.

## Issues and analysis

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

**Ratio:** When parties involved in a Company Petition reach a settlement and file a settlement

…

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

…

**Interpretation:** The legal principle is that settlements are encouraged in legal proceedings,

…

**Application:** In this case, the settlement between the parties and the filing of the

…

## Parties

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

## Timeline

- **2022-06-16 — Hearing…**: Hearing of National Company Law Tribunal, Hyderabad Bench, held on 16.06.2022 at 10:30 AM…

## 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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