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

> NCLT judgment dated 2019-04-23. Citation: TCN-2019-NCLT-03761. The case involves Contiental Carries Pvt. Ltd. as the applicant/petitioner and Advance…

- **Court:** NCLT
- **Order date:** 23 Apr 2019
- **Citation:** TCN-2019-NCLT-03761
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/advance-surfactants-india-ltd-ib-1230pb-2018-d159df88

## 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. initiated proceedings against Advance Surfactants (India) Ltd. under Section 9 of the Insolvency & Bankruptcy Code, 2016. The petitioner's counsel informed the court that the dispute had been amicably settled between the parties and requested permission to withdraw the petition. The court acknowledged this settlement and dismissed the petition as withdrawn. The order also stipulates that if the terms of the settlement are not adhered to and a default occurs, the petitioner is entitled to file a new petition or seek revival of the original petition.

## Issues and analysis

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

**Ratio:** A petition can be dismissed as withdrawn if the parties have reached an amicable

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**Reasoning:** The court accepted the statement of the petitioner's counsel that the dispute had been

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**Interpretation:** This reflects the principle that courts generally encourage and respect

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**Application:** In this case, the court applied the principle by dismissing the petition upon

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## Parties

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

## Timeline

- **2016-01-01 — Enactment…**: Insolvency & Bankruptcy…
- **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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