# In the matter of Advance Surfactants (India) Ltd. (IB)-1230(PB)-2018

> NCLT judgment dated 2019-04-23. Citation: TCN-2019-NCLT-03753. The case involves Contiental Carries Pvt. Ltd. as the applicant/petitioner and Advance…

- **Court:** NCLT
- **Order date:** 23 Apr 2019
- **Citation:** TCN-2019-NCLT-03753
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/advance-surfactants-india-ltd-ib-1230pb-2018-456e8344

## Summary

### Background

The case involves Contiental Carries Pvt. Ltd. as the applicant/petitioner and Advance Surfactants (India) Ltd. as the respondent. The matter was brought before the National Company Law Tribunal (NCLT), New Delhi, under Section 9 of the Insolvency & Bankruptcy Code, 2016.

## Facts

Contiental Carries Pvt. Ltd. filed a petition against Advance Surfactants (India) Ltd. under Section 9 of the Insolvency & Bankruptcy Code, 2016. The dispute between the parties was amicably settled. The petitioner's counsel stated that they had instructions to withdraw the petition. The court dismissed the petition as withdrawn. The order specifies that if the terms of the settlement are not complied with and a default occurs, the petitioner may file a fresh petition or apply for revival of the same. This contingency clause is crucial as it provides a safety net for the petitioner in case the settlement falls through.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, should be …

**Ratio:** A petition can be withdrawn if the parties have reached an amicable settlement and the

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**Reasoning:** The court reasoned that since the petitioner's counsel stated that the dispute had been

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**Interpretation:** This interpretation allows for the efficient resolution of disputes outside of

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**Application:** In this specific case, the court applied the ratio by dismissing the petition

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Contiental…
- **Respondents:** Advance Surfactant…

## Timeline

- **2019-04-23 — Order Del…**: Order delivered on 23.04.2019,…

## 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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