# In the matter of Reliable Spaces Pvt. Ltd. IA 964-2019 In C.P.(IB)-3699(MB)-2018

> NCLT judgment dated 2022-03-30. Citation: TCN-2022-NCLT-03472. The application IA No. 964/2019 was filed in C.P.(IB)-3699(MB)/2018 by P & P Legal. The…

- **Court:** NCLT
- **Order date:** 30 Mar 2022
- **Citation:** TCN-2022-NCLT-03472
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reliable-spaces-pvt-ltd-ia-964-2019-in-cpib-3699mb-2018-cd7e6e60

## Summary

### Background

The application IA No. 964/2019 was filed in C.P.(IB)-3699(MB)/2018 by P & P Legal. The applicant received Rs. 3,43,125 from the Corporate Debtor towards the claim through RTGS on 07.03.2019. The Corporate Debtor also remitted Rs. 1 Lakh towards legal expenses.

## Facts

P & P Legal filed an application IA No. 964/2019 in C.P.(IB)-3699(MB)/2018. P & P Legal received Rs. 3,43,125 from the Corporate Debtor via RTGS on 2019-03-07 towards their claim. The Corporate Debtor also remitted Rs. 1 Lakh via RTGS for legal expenses. Both parties amicably settled the matter, and all amounts due were paid. This amicable settlement led to the closure of the company petition.

## Issues and analysis

### Issue 1: Whether IA.No.964/2019 should be allowed given that the parties have amicably settled the matter …

**Ratio:** When parties amicably settle a matter and all dues are paid, the application can be

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**Reasoning:** The court reasoned that since both parties amicably settled the matter and the amount has

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**Interpretation:** This reflects the principle that courts encourage amicable settlements between

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**Application:** In this case, since P & P Legal and the Corporate Debtor settled their

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## Parties

- **Judges:** Shyam Babu…; P.N. Des…
- **Appellants:** P&P L…
- **Respondents:** RELIABLE SPACE…

## Timeline

- **2019-03-07 — Payment Re…**: P & P Legal received Rs. 3,43,125 from the…
- **2022-03-30 — Order Da…**: Order sheet of the hearing of Mumbai Bench…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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