# In the matter of Vatika Limited IA No.187-2021 and CP(IB) No. 166-Chd-Hry-2020

> NCLT judgment dated 2022-06-30. Citation: TCN-2022-NCLT-01976. The case involves a petition filed by Seher Gill and Another, as Petitioners/Financial…

- **Court:** NCLT
- **Order date:** 30 Jun 2022
- **Citation:** TCN-2022-NCLT-01976
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vatika-limited-ia-no187-2021-and-cpib-no-166-chd-hry-2020-cacf444c

## Summary

### Background

The case involves a petition filed by Seher Gill and Another, as Petitioners/Financial Creditors, against Vatika Limited, the Respondent/Corporate Debtor. The matter was presented through video conferencing. During the last hearing, a settlement deed was placed on record, stipulating that the final installment was due by June 26, 2022. The respondent/corporate debtor's counsel stated that the entire payment, as per the settlement deed, has been made to the petitioners.

## Facts

Seher Gill and Another filed a petition against Vatika Limited. A settlement deed was placed on record during the last hearing, with the final installment due by June 26, 2022. The respondent/corporate debtor's counsel stated that the entire payment, as per the settlement deed, had been made to the petitioners. There was no representation on behalf of the petitioners during the hearing. This lack of representation suggested that the petitioners were not interested in pursuing the petition. The key fact is the existence of a settlement deed and the respondent's claim of full payment, coupled with the petitioners' absence, which led the court to believe the matter was settled.

## Issues and analysis

### Issue 1: Whether the petition should be dismissed as settled based on the settlement deed and the …

**Ratio:** When parties enter into a settlement agreement and the terms of the agreement are

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**Reasoning:** The court reasoned that the settlement deed was on record, and the respondent's counsel

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**Interpretation:** This legal issue involves the interpretation of settlement agreements and their

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where a

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Seher…
- **Respondents:** Vatika Li…
- **Advocates:** Anand Chh…; Amitabh T…

## Timeline

- **N/A — Settlement Deed Placed…**: A settlement deed was placed…
- **2022-06-26 — Last Installment Due…**: The last installment as per the…

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