# In the matter of Xrbia Chakan Developers Private Limited

> NCLT judgment dated 2025-04-22. Citation: TCN-2025-NCLT-00200. Tricon Infra Buildtech Private Limited, the Applicant/Operational Creditor, initiated a Company…

- **Court:** NCLT
- **Order date:** 22 Apr 2025
- **Citation:** TCN-2025-NCLT-00200
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/xrbia-chakan-developers-private-limited-8d4d8fa2

## Summary

### Background

Tricon Infra Buildtech Private Limited, the Applicant/Operational Creditor, initiated a Company Petition (CP No. 326 of 2024) under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Xrbia Chakan Developers Private Limited, the Corporate Debtor, due to a default of Rs. 2,00,26,690/-. The petition was initially admitted, and an Interim Resolution Professional (IRP) was appointed. Subsequently, the parties reached a settlement, and consent terms were signed, leading to the withdrawal of the CIRP process. However, the Corporate Debtor defaulted on the settlement terms by dishonoring the cheques issued as part of the agreement. This led the Applicant to file an application for the restoration of the original Company Petition.

## Facts

Tricon Infra Buildtech Private Limited (Applicant/Operational Creditor) filed a Company Petition (CP No. 326 of 2024) against Xrbia Chakan Developers Private Limited (Corporate Debtor) under Section 9 of the IBC for a default of Rs. 2,00,26,690/-. The petition was admitted on 2024-08-01, and Mr. Vakati Balasubramanyam Reddy was appointed as IRP. Subsequently, on 2024-08-02, the Applicant and the suspended director of the Corporate Debtor signed consent terms where the director agreed to pay Rs. 1,51,73,325/- for the entire claim. Based on this settlement, the Corporate Debtor filed an Interlocutory Application No. 4466 of 2024 on 2024-08-03 for withdrawal of the CIRP process, which was allowed on 2024-10-03. However, the Corporate Debtor defaulted on the payment terms,

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## Issues and analysis

### Issue 1: Whether the Company Petition No. 326 of 2024 should be restored given the default by the Corporate …

**Ratio:** The legal principle is that when a settlement agreement contains a clause emphasizing the

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**Reasoning:** The court reasoned that the Corporate Debtor's default on the settlement terms,

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**Interpretation:** The interpretation is that a clause in a settlement agreement providing for the

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**Application:** In this case, the Corporate Debtor defaulted on the consent terms by

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Tricon Infra…
- **Respondents:** Xrbia Chakan…

## Timeline

- **2024-08-01 — Company Petition…**: Company Petition No. 326 of 2024 filed by Tricon Infra Buildtech Private Limited against…
- **2024-08-02 — Consent Terms…**: The Applicant and the suspended director of the Corporate Debtor signed consent terms for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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