# In the matter of Valbe Foods (India) Private Limited

> NCLT judgment dated 2024-03-26. Citation: TCN-2024-NCLT-01941. The case pertains to CP (IB) No. 91/9/HDB/2023 filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 26 Mar 2024
- **Citation:** TCN-2024-NCLT-01941
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/valbe-foods-india-private-limited-da68923e

## Summary

### Background

The case pertains to CP (IB) No. 91/9/HDB/2023 filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The matter involves M/s. Techno Blow Moulders Private Limited as the Operational Creditor and M/s. Valbe Foods (India) Private Limited as the Corporate Debtor. The case was heard in the National Company Law Tribunal, Hyderabad Bench – 1, in VC and Physical (Hybrid) mode.

## Facts

M/s. Techno Blow Moulders Private Limited, the Operational Creditor, initiated a Corporate Insolvency Resolution Process (CIRP) against M/s. Valbe Foods (India) Private Limited, the Corporate Debtor, by filing CP (IB) No. 91/9/HDB/2023 under Section 9 of the IBC, 2016. During the proceedings, the parties reached a settlement. A withdrawal memo reporting the settlement was filed before the National Company Law Tribunal (NCLT), Hyderabad Bench. The NCLT took the memo on record and, in light of the settlement, disposed of the CP (IB) application as settled. No costs were imposed.

## Issues and analysis

### Issue 1: Whether the CP (IB) application can be disposed of as settled based on the withdrawal memo filed by …

**Ratio:** A settlement between parties in a CIRP application can form the basis for disposing of

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**Reasoning:** The court acknowledged the withdrawal memo reporting the settlement between the parties.

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**Interpretation:** The interpretation is that a settlement, duly reported and taken on record, can

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**Application:** In this case, the court applied the ratio by accepting the withdrawal memo and

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** M/s. Techno Blow…
- **Respondents:** M/s. Valbe Foods…

## Timeline

- **2024-03-26 — Hearing…**: Attendance cum order sheet of the…
- **N/A — Filing of Withdrawal…**: Withdrawal memo reporting…

## 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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