Authority: National Company Law Tribunal, New Delhi Principal Bench
Order Date: 08.07.2026
Case Overview
The National Company Law Tribunal (NCLT) heard a petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016 by M/s Beetel Teletech Limited (Operational Creditor) against M/s Shree Ojas System & Techinfra Private Limited (Corporate Debtor). During the hearing, counsel for the petitioner informed the bench that the parties had reached a settlement agreement dated 06.07.2026. However, the respondent had not yet made the entire payment as per the settlement terms. Counsel for the respondent confirmed the settlement and assured the tribunal that the corporate debtor would abide by the terms and conditions of the settlement and pay the outstanding amount as agreed.
Final Outcome
The NCLT bench comprising Justice Anupinder Singh Grewal (President) and Shri Ravindra Chaturvedi (Member Technical) dismissed the petition as infructuous in light of the settlement and disposed of the matter. The tribunal ordered both parties to abide by the terms of the settlement agreement. Importantly, the order granted liberty to the petitioner to file a fresh petition in the event of any default by the respondent. The defaulting party was made liable for action under the Contempt of Courts Act, 1971.
Topics: Insolvency Settlement, NCLT Proceedings, Corporate Debt Resolution