# In the matter of The Durgapur Projects Limited C.P. (IB) No. 9-KB-2019 RST.A (IBC)-1-KB-2021

> NCLT judgment dated 2022-04-22. Citation: TCN-2022-NCLT-03115. This is a Restoration Application filed by Rawmet Resources Private Limited ('Operational…

- **Court:** NCLT
- **Order date:** 22 Apr 2022
- **Citation:** TCN-2022-NCLT-03115
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/the-durgapur-projects-limited-cp-ib-no-9-kb-2019-rsta-ibc-1-kb-2021-f5993707

## Summary

### Background

This is a Restoration Application filed by Rawmet Resources Private Limited ('Operational Creditor') for revival of its petition C.P. (IB) No.09/KB/2018 against The Durgapur Projects Limited ('Corporate Debtor'). The Operational Creditor had initiated a proceeding under Section 9 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor. During the pendency of the proceedings, the Corporate Debtor admitted that a sum of Rs.2,62,85,211/- is due and payable to the Operational Creditor. The Corporate Debtor requested to waive a sum of Rs.49,65,768/- and represented that a sum of Rs.2,13,19,443/- shall be paid in six equal monthly installments. Terms of settlement were entered into between the parties.

## Facts

Rawmet Resources Private Limited (Operational Creditor) filed a Restoration Application to revive its petition C.P. (IB) No.09/KB/2018 against The Durgapur Projects Limited (Corporate Debtor). The Operational Creditor had initiated proceedings under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the Corporate Debtor admitted to owing Rs.2,62,85,211/- to the Operational Creditor. The Corporate Debtor requested a waiver of Rs.49,65,768/- and proposed paying Rs.2,13,19,443/- in six equal monthly installments, leading to a settlement agreement. On 05 April, 2018, the Operational Creditor's counsel was absent, and the Corporate Debtor's counsel stated the matter was settled. The Adjudicating Authority dismissed the petition for lack of

…

## Issues and analysis

### Issue 1: Whether the Restoration Application to revive the petition C.P (IB) No. 9/KB/2019 is maintainable …

**Ratio:** When parties enter into a settlement agreement, any breach of the terms of the settlement

…

**Reasoning:** The Adjudicating Authority reasoned that since the parties had entered into a settlement

…

**Interpretation:** This means that if one party fails to uphold their end of the settlement

…

**Application:** Since the parties had entered into a settlement agreement, the breach of the

…

## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Rawmet Resources…
- **Respondents:** The Durgapur…

## Timeline

- **2018-04-05 — Previous…**: Adjudicating Authority recorded that 'Nobody represented from the side of the Operational…
- **2018-07-13 — Ex Parte…**: The Assistant Commissioner, CGST, Durgapur-III Division, passed an ex parte order,…

## 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)

---

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/the-durgapur-projects-limited-cp-ib-no-9-kb-2019-rsta-ibc-1-kb-2021-f5993707