# In the matter of PRL Projects & International Ltd. IA-1931-ND-2020 in IB-299-ND-2020

> NCLT judgment dated 2022-04-29. Citation: TCN-2022-NCLT-02958. The case involves IA/1931/ND/2022 filed on behalf of the IRP, stating that the matter has been…

- **Court:** NCLT
- **Order date:** 29 Apr 2022
- **Citation:** TCN-2022-NCLT-02958
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/prl-projects-international-ltd-ia-1931-nd-2020-in-ib-299-nd-2020-875175e8

## Summary

### Background

The case involves IA/1931/ND/2022 filed on behalf of the IRP, stating that the matter has been settled between both parties, and the entire payment has been made. The counsel for the Operational Creditor Suspended Board of Directors endorsed the same view. The Applicant's counsel stated that they do not want to proceed with the application and wish to dispose of it in view of the settlement.

## Facts

A.R International filed an application against M/s PRL Projects & Infrastructure Ltd under Section 9 of the IBC. The IRP stated that the matter has been settled between both parties, and the entire payment has been made. The counsel for the Operational Creditor Suspended Board of Directors endorsed the same view. The Applicant's counsel stated that they do not want to proceed with the application and wish to dispose of it in view of the settlement. The IRP also stated that the fees have been paid. The key fact is the settlement between the parties, leading to the withdrawal of the CIRP.

## Issues and analysis

### Issue 1: Whether the IA/1931/ND/2022 should be disposed of …

**Ratio:** When parties reach a settlement and the applicant does not wish to proceed with the

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**Reasoning:** The court considered the statement of the IRP that the matter has been settled and the

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**Interpretation:** This interprets the principle that courts can recognize and give effect to

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** A.R Interna…
- **Respondents:** M/s PRL Projects…

## Timeline

- **N/A — Filing of IA/1931/ND/202…**: IA/1931/ND/2022 was filed on behalf of the IRP stating that the matter has been settled…
- **2022-04-29 — Order Del…**: The court disposed of IA/1931/ND/2022 with the direction that the CIRP stands withdrawn…

## 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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