# In the matter of Trn Energy Private Limited

> NCLT judgment dated 2024-12-10. Citation: TCN-2024-NCLT-00079. The matter involves a case between Canara Bank (Applicant) and TRN Energy Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 10 Dec 2024
- **Citation:** TCN-2024-NCLT-00079
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/trn-energy-private-limited-87ce8c67

## Summary

### Background

The matter involves a case between Canara Bank (Applicant) and TRN Energy Pvt. Ltd. (Respondent) under Section 7 of the IBC. The Financial Creditor's counsel submitted that the matter has been settled with the Corporate Debtor, but certain formalities are pending. The settlement was recorded in a previous order dated 2024-11-29, and the parties were given a last opportunity to file their application for withdrawal.

## Facts

Canara Bank, the Applicant (Financial Creditor), initiated proceedings against TRN Energy Pvt. Ltd., the Respondent (Corporate Debtor), under Section 7 of the Insolvency and Bankruptcy Code (IBC). During the proceedings, the counsel for the Financial Creditor informed the court that a settlement had been reached with the Corporate Debtor. However, certain formalities related to the settlement were still outstanding. The court had previously recorded the aspect of settlement in its order dated 2024-11-29 and had granted the parties a final opportunity to file their application for withdrawal. Considering the interest of justice, the court decided to grant one last opportunity to the parties to submit their application for withdrawal.

## Issues and analysis

### Issue 1: Whether the court should grant another opportunity to the parties to file their application for …

**Ratio:** The court has the discretion to provide opportunities to parties to facilitate settlement

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**Reasoning:** The court reasoned that in the interest of justice, and considering the settlement

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**Interpretation:** This reflects the court's interpretation of its role in facilitating

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**Application:** The court applied this principle by granting one last opportunity to Canara

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** Canara…
- **Respondents:** TRN Energy Pvt.…

## Timeline

- **2024-11-29 — Previous…**: The aspect of settlement between the parties was recorded, and the last opportunity was…
- **2024-12-10 — Order Del…**: Order delivered on 2024-12-10, granting another opportunity to the parties to file their…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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