# In the matter of Soma Enterprise Limited

> NCLT judgment dated 2023-08-24. Citation: TCN-2023-NCLT-01939. The case involves V KR Projects Private Limited and Soma Enterprise Limited. The matter was…

- **Court:** NCLT
- **Order date:** 24 Aug 2023
- **Citation:** TCN-2023-NCLT-01939
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/soma-enterprise-limited-898914e8

## Summary

### Background

The case involves V KR Projects Private Limited and Soma Enterprise Limited. The matter was brought before the National Company Law Tribunal (NCLT), Mumbai Bench. The counsels jointly submitted that the matter has been settled, and an IA has been filed to remove objections raised by the Registry.

## Facts

V KR Projects Private Limited initiated proceedings against Soma Enterprise Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the counsels jointly submitted that the matter has been settled. An Interlocutory Application (IA) was filed, and objections raised by the Registry were removed. The IA Diary number is 2709138/06286/2023, dated 20.07.2023. The Operational Creditor (OC) received Rs.1 Cr. as full and final settlement, as evidenced by a copy of the Demand Draft (DD) placed on Pg. 5 of the Memorandum of Understanding (MOU). The court took the settlement on record.

## Issues and analysis

### Issue 1: Whether the application can be disposed of as …

**Ratio:** When parties to a proceeding reach a settlement and jointly request the court to dispose

…

**Reasoning:** The court considered the joint submission by the counsels that the matter has been

…

**Interpretation:** This legal principle allows for the efficient resolution of disputes when

…

**Application:** In this case, the counsels jointly submitted that the matter has been settled,

…

## Parties

- **Judges:** SHRI. SANJI…; SHRI. K R SAJI…
- **Appellants:** V KR PROJECTS…
- **Respondents:** Soma Enterprise…

## Timeline

- **2023-07-20 — IA Filin…**: An IA bearing Diary No. 2709138/06286/2023 was filed, and objections raised by the…
- **2023-08-24 — Order Da…**: The National Company Law Tribunal…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/soma-enterprise-limited-898914e8