# In the matter of 20 Cube Logistics Pvt. Ltd. IBA-57-2019

> NCLT judgment dated 2019-02-07. Citation: TCN-2019-NCLT-04968. The case involves a petition under the Insolvency and Bankruptcy Code (IBC). The representative…

- **Court:** NCLT
- **Order date:** 7 Feb 2019
- **Citation:** TCN-2019-NCLT-04968
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/20-cube-logistics-pvt-ltd-iba-57-2019-2b6a81a2

## Summary

### Background

The case involves a petition under the Insolvency and Bankruptcy Code (IBC). The representative for the operational creditor is present and submits that the parties have settled the matter and requested to withdraw the petition.

## Facts

The operational creditor filed a petition under the Insolvency and Bankruptcy Code. During the hearing, the representative of the operational creditor informed the court that the parties had reached a settlement. Consequently, the operational creditor requested the court to allow the withdrawal of the petition. The court, upon considering the submission, granted the request and dismissed the petition as withdrawn. The key fact is the settlement between the parties, leading to the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the court should allow the withdrawal of the petition based on the settlement between the …

**Ratio:** When parties to a petition under the Insolvency and Bankruptcy Code (IBC) reach a

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**Reasoning:** The court's reasoning is based on the submission by the representative of the operational

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**Interpretation:** This legal issue involves interpreting the court's power to allow withdrawal of

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**Application:** In this specific case, the ratio and reasoning are applied to the fact that the

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## Parties

- **Judges:** Ch. Mohd Sharief…
- **Appellants:** MRUGEN NATWARLAL…
- **Respondents:** 20 CUBE LOGISTICS…

## Timeline

- **2019-02-07 — Hearing of Chen…**: The National Company Law Tribunal, Chennai Bench, held a hearing where the representative…
- **2019-02-07 — Order Is…**: The court allowed the prayer for withdrawal,…

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