# In the matter of Abhik Advertising Pvt. Ltd. C.P. (IB) No. 706-NCLT-AHM-2019

> NCLT judgment dated 2020-10-14. Citation: TCN-2020-NCLT-00394. The case pertains to an IB Petition, CP (IB) No. 706/NCLT/AHM/2019, filed before the National…

- **Court:** NCLT
- **Order date:** 14 Oct 2020
- **Citation:** TCN-2020-NCLT-00394
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/abhik-advertising-pvt-ltd-cp-ib-no-706-nclt-ahm-2019-e351bfe5

## Summary

### Background

The case pertains to an IB Petition, CP (IB) No. 706/NCLT/AHM/2019, filed before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The matter was listed for hearing on 2020-10-14.

## Facts

Third Rock Trips filed an IB Petition against Abhik Advertising Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. The case was heard by the Ahmedabad Bench of the National Company Law Tribunal. During the hearing, both parties, represented by their respective advocates, informed the court that they had reached a settlement. Consequently, the petitioner's lawyer filed a withdrawal pursis, leading to the dismissal of the petition.

## Issues and analysis

### Issue 1: Whether the IB Petition, CP (IB) No. 706 of 2019, should be dismissed as withdrawn given the …

**Ratio:** A petition can be withdrawn if the parties have settled the matter and the petitioner

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**Reasoning:** The court acknowledged the submission by both parties that the matter had been settled.

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**Interpretation:** This reflects the principle that parties are free to settle disputes outside of

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**Application:** In this case, since both Third Rock Trips and Abhik Advertising Pvt Ltd reached

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Third Rock…
- **Respondents:** Abhik Advertising…
- **Advocates:** Nirav P.…; Jainish…

## Timeline

- **2019-01-01 — IB Petition…**: CP (IB) No. 706/NCLT/AHM…
- **2020-10-14 — Hearing…**: Hearing of the Ahmedabad Bench of…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/abhik-advertising-pvt-ltd-cp-ib-no-706-nclt-ahm-2019-e351bfe5