# In the matter of Wisdom IT Services Pvt. Ltd. Contempt Petition 1-2022, IA(IBC) 302, 303, 406, 416 & 514-2022 in CP(IB) No. 15-9-HDB-2020

> NCLT judgment dated 2022-07-04. Citation: TCN-2022-NCLT-01908. The case involves a Contempt Petition (1/2022) along with several IA(IBC) applications (302,…

- **Court:** NCLT
- **Order date:** 4 Jul 2022
- **Citation:** TCN-2022-NCLT-01908
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/wisdom-it-services-pvt-ltd-contempt-petition-1-2022-iaibc-302-303-406-416-514-20-1acc930d

## Summary

### Background

The case involves a Contempt Petition (1/2022) along with several IA(IBC) applications (302, 303, 406, 416 & 514/2022) in CP(IB) No. 15/9/HDB/2020 under Section 9 of the IBC, 2016. The matter was heard on 04.07.2022 via video conference. Falcon Minds Consulting Pvt Ltd is the Operational Creditor, and Wisdom IT Services Pvt Ltd is the Corporate Debtor.

## Facts

Falcon Minds Consulting Pvt Ltd initiated a corporate insolvency resolution process against Wisdom IT Services Pvt Ltd. A contempt petition (1/2022) was filed along with several IA(IBC) applications (302, 303, 406, 416 & 514/2022) in CP(IB) No. 15/9/HDB/2020. During the hearing on 04.07.2022, the RP's counsel stated that no settlement had occurred, referencing a letter dated 28.07.2022. Conversely, the Corporate Debtor's counsel claimed that the agreed amount was transferred via RTGS on 04.06.2022, with proof to be filed. The consent of another CoC/ESIC member is pending due to required approvals. The payment's lack of prior notification to the Tribunal is a key issue.

## Issues and analysis

### Issue 1: Whether a settlement has been reached between Falcon Minds Consulting Pvt Ltd and Wisdom IT …

**Ratio:** The principle of 'consensus ad idem' (meeting of the minds) is crucial in determining

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**Reasoning:** The court is evaluating conflicting submissions from the RP's counsel (no settlement) and

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**Interpretation:** The interpretation hinges on whether the actions taken by the Corporate Debtor

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**Application:** The court will examine the letter dated 28.07.2022 and the proof of payment to

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## Parties

- **Judges:** Dr.Venkata…; SH. VEERA BRAHMA…
- **Appellants:** Falcon Minds…
- **Respondents:** Wisdom IT…

## Timeline

- **2022-04-06 — RTGS Tra…**: Corporate Debtor claims to have…
- **2022-07-04 — Hearing…**: Hearing held on 04.07.2022 where submissions…

## 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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