# In the matter of Agarwal Associated Promoters Ltd. (IB)-1261(ND)2019

> NCLT judgment dated 2019-07-09. Citation: TCN-2019-NCLT-02617. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). A…

- **Court:** NCLT
- **Order date:** 9 Jul 2019
- **Citation:** TCN-2019-NCLT-02617
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/agarwal-associated-promoters-ltd-ib-1261nd2019-5cb3cb96

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). A full and final settlement agreement was executed between the parties, and a copy was placed on record. The applicant sought to withdraw the application with the liberty to revive it in case of breach of any terms of the settlement.

## Facts

A full and final settlement agreement was executed between M/s Unique Concepts (Applicant) and M/s Agarwal Associates Promoters Ltd (Respondent) on 2019-06-24. The applicant sought to withdraw the application filed under Section 9 of the IBC, with the liberty to revive it if the settlement terms are breached. The court placed the settlement agreement on record and considered the applicant's request.

## Issues and analysis

### Issue 1: Whether the applicant should be allowed to withdraw the application under Section 9 of the IBC, …

**Ratio:** The legal principle is that parties are generally allowed to settle their disputes and

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**Reasoning:** The court reasoned that since a settlement agreement was reached and placed on record,

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**Interpretation:** This interprets the IBC provisions to allow for settlements and withdrawals,

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**Application:** The court applied this principle to the specific facts, allowing M/s Unique

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## Parties

- **Judges:** DEEPTI M…; Pradeep R.…
- **Appellants:** M/s Unique…
- **Respondents:** M/s Agarwal…
- **Advocates:** Prashant…; Sushant M…

## Timeline

- **2019-06-24 — Settlement Ag…**: A full and final settlement agreement…
- **2019-07-09 — Order Del…**: The court allowed the withdrawal of the application with liberty to revive it in case of…

## 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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