# In the matter of S Kumars Nationwide Limited

> NCLT judgment dated 2024-05-21. Citation: TCN-2024-NCLT-01297. The case involves S Kumar Nationwide Limited versus RNT Distributors Private Limited. The…

- **Court:** NCLT
- **Order date:** 21 May 2024
- **Citation:** TCN-2024-NCLT-01297
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/s-kumars-nationwide-limited-b64d3a11

## Summary

### Background

The case involves S Kumar Nationwide Limited versus RNT Distributors Private Limited. The Operational Creditor (OC) and Corporate Debtor (CD) have reached a settlement. The OC/Liquidator tendered the original Consent Terms, indicating a settlement between the parties. The OC received a payment of Rs. 42,00,000 as full and final settlement.

## Facts

S Kumar Nationwide Limited filed a case against RNT Distributors Private Limited under the IBC, specifically Section 9. The Operational Creditor (OC) and Corporate Debtor (CD) reached a settlement. The OC/Liquidator presented the original Consent Terms, confirming the settlement. The OC received Rs. 42,00,000 as full and final settlement. Based on these submissions, the court allowed the withdrawal of the Corporate Insolvency Resolution Process (CIRP). The Company Petition (CP) was disposed of as withdrawn.

## Issues and analysis

### Issue 1: Whether the Company Petition can be disposed of as withdrawn, given the settlement between the …

**Ratio:** When parties to a Corporate Insolvency Resolution Process (CIRP) reach a settlement and

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**Reasoning:** The court reasoned that since the matter has been settled between the parties, as

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**Interpretation:** This interpretation aligns with the objective of the IBC, which encourages

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**Application:** In this specific case, the court applied the ratio by allowing the withdrawal

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## Parties

- **Judges:** SANJIV…; K. R. SAJI…
- **Appellants:** S. Kumar Nationalw…
- **Respondents:** RNT Distributors…

## Timeline

- **2020-01-01 — Case Fil…**: C.P. (IB)/968(MB)2020…
- **2024-05-21 — Order Da…**: Order sheet of hearing…

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