# 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-03300. The case involves an application seeking to record a Joint Settlement Agreement dated…

- **Court:** NCLT
- **Order date:** 11 Apr 2022
- **Citation:** TCN-2022-NCLT-03300
- **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-c766fcae

## Summary

### Background

The case involves an application seeking to record a Joint Settlement Agreement dated 2022-03-11 executed between the respondents and to allow the withdrawal of an application admitted under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated under Section 9 of the IBC in IBA/200/2020.

## Facts

The key facts are as follows: An application was filed seeking to record a Joint Settlement Agreement dated 2022-03-11 between the respondents. The application also sought the withdrawal of an application admitted under Section 9 of the I&B Code, 2016. The CIRP was initiated under Section 9 of the IBC in IBA/200/2020 on 2022-03-07. The Joint Settlement Agreement serves as the basis for withdrawing the CIRP. The relevance of the Joint Settlement Agreement is that it provides a resolution mechanism, leading to the withdrawal of the insolvency 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 can settle disputes and withdraw applications

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**Reasoning:** The court reasoned that the Joint Settlement Agreement demonstrated a resolution between

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**Interpretation:** The interpretation is that the I&B Code allows for settlement and

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**Application:** The ratio and reasoning were applied to the specific facts by taking the Joint

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## Parties

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

## Timeline

- **2022-03-07 — CIRP Init…**: CIRP initiated under Section 9…
- **2022-03-11 — Joint Settlement…**: Joint Settlement Agreement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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