# In the matter of Sri Anjaneya Cartowns Pvt.  Ltd. IA(IBC)-327(CHE)2022 in IBA-200-2020

> NCLT judgment dated 2022-04-11. Citation: TCN-2022-NCLT-03287. The case involves an application seeking to record a Joint Settlement Agreement dated…

- **Court:** NCLT
- **Order date:** 11 Apr 2022
- **Citation:** TCN-2022-NCLT-03287
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sri-anjaneya-cartowns-pvt-ltd-iaibc-327che2022-in-iba-200-2020-b342adfc

## Summary

### Background

The case involves an application seeking to record a Joint Settlement Agreement dated 2022-03-11 between the respondents and to allow the withdrawal of an application admitted under Section 9 of the I&B Code 2016. The CIRP proceedings were initiated under Section 9 of IBC, 2016.

## Facts

The key facts are as follows: An application was filed seeking to record a Joint Settlement Agreement dated 2022-03-11 between the 1st and 2nd Respondents. The application also sought the withdrawal of the application admitted under Section 9 of the I&B Code 2016, which was admitted by the Hon'ble Tribunal on 2022-03-07. The CIRP proceedings were initiated under Section 9 of IBC, 2016, in IBA/200/2020 on 2022-03-07. The relevance of these facts lies in the settlement agreement providing a basis for the withdrawal of the CIRP proceedings.

## Issues and analysis

### Issue 1: Whether the Joint Settlement Agreement dated 2022-03-11 should be taken on record and the …

**Ratio:** The legal principle applied is that parties are allowed to settle disputes and withdraw

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**Reasoning:** The court reasoned that since a Joint Settlement Agreement was reached between the

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**Interpretation:** This issue involves the interpretation of the provisions of the IBC that allow

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

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## Parties

- **Judges:** Ramalingam…; B. Anil…
- **Appellants:** R Sugumara…
- **Respondents:** Anjaneya Cartowns…

## Timeline

- **2022-03-07 — CIRP Init…**: CIRP proceedings initiated under…
- **2022-03-11 — Joint Settlement…**: Joint Settlement Agreement…

## 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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