# In the matter of Tata Projects Ltd. Company Petition IB-239-2021

> NCLT judgment dated 2022-02-18. Citation: TCN-2022-NCLT-04064. Company Petition IB/239/2021 was filed under Section 9 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 18 Feb 2022
- **Citation:** TCN-2022-NCLT-04064
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tata-projects-ltd-company-petition-ib-239-2021-99618c4e

## Summary

### Background

Company Petition IB/239/2021 was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was regarding Tega Industries Ltd, the Operational Creditor, versus Tata Projects Ltd, the Corporate Debtor.

## Facts

Tega Industries Ltd, the Operational Creditor, filed Company Petition IB/239/2021 against Tata Projects Ltd, the Corporate Debtor, under Section 9 of the IBC, 2016. During the hearing held via video conference, both counsels informed the court that the matter had been settled between the parties. Consequently, the court decided to dispose of the petition as withdrawn, considering the settlement reached, and did not impose any costs on either party. The settlement between the parties is the key fact leading to the disposal of the petition.

## Issues and analysis

### Issue 1: Whether the Company Petition IB/239/2021 should be disposed of as withdrawn, given the settlement …

**Ratio:** When parties to a legal dispute reach a settlement, courts generally respect and enforce

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**Reasoning:** The court reasoned that since both counsels reported a settlement, there was no reason to

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**Interpretation:** The interpretation is that a settlement between parties is a valid ground for

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**Application:** In this case, the court applied the ratio by accepting the settlement reported

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. VEERA BRAHMA…
- **Appellants:** Tega Industries…
- **Respondents:** Tata Projec…

## Timeline

- **2022-02-18 — Hearing…**: Hearing held on 18-02-2022 at 10:30…

## 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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