# In the matter of Soma Enterprise Limited

> NCLT judgment dated 2023-08-31. Citation: TCN-2023-NCLT-01836. The case pertains to C.P. (IB)/193(MB)2020 before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 31 Aug 2023
- **Citation:** TCN-2023-NCLT-01836
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/soma-enterprise-limited-ff619914

## Summary

### Background

The case pertains to C.P. (IB)/193(MB)2020 before the National Company Law Tribunal (NCLT), Mumbai Bench. The matter was called on 16.08.2023, and again on 31.08.2023, but no one appeared for the OC (Operational Creditor).

## Facts

The case involves Assam Bombay Carriers as the Operational Creditor (OC) and Soma Enterprise Limited as the Corporate Debtor (CD). The matter was listed before the NCLT, Mumbai Bench. On 16.08.2023, and again on 31.08.2023, no one appeared for the OC. The counsel for the CD informed the court that the parties had reached a settlement, and the entire amount of Rs.40 Lakhs had been transferred to the account of the Financial Creditor (FC). The key fact is the settlement between the parties and the transfer of the entire amount due, which led to the dismissal of the Company Petition.

## Issues and analysis

### Issue 1: Whether the Company Petition should be dismissed based on the settlement between the parties and …

**Ratio:** A Company Petition can be dismissed if the parties have settled the matter, and the

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**Reasoning:** The court reasoned that since the counsel for the Corporate Debtor submitted that the

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**Interpretation:** This interpretation suggests that the NCLT acknowledges and respects

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**Application:** In this specific case, the ratio and reasoning were applied to the facts

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## Parties

- **Judges:** SHRI. SANJI…; LAKSHMI G…
- **Appellants:** Assam Bombay…
- **Respondents:** Soma Enterprise…

## Timeline

- **2023-08-16 — Matter C…**: The matter was called, but…
- **2023-08-31 — Matter Calle…**: The matter was called again, but none appeared for the OC. Counsel for the CD submitted…

## 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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