# In the matter of Akanksha Plastics Pvt. Ltd. IA-4494-2021 in IB-3078(ND)-2019

> NCLT judgment dated 2021-10-08. Citation: TCN-2021-NCLT-00775. The case pertains to an application filed under Section 35(n) of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 Oct 2021
- **Citation:** TCN-2021-NCLT-00775
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akanksha-plastics-pvt-ltd-ia-4494-2021-in-ib-3078nd-2019-6e2de524

## Summary

### Background

The case pertains to an application filed under Section 35(n) of the Insolvency & Bankruptcy Code, 2016, seeking withdrawal of an application filed under Section 9 of the IB Code, 2016, in the matter of IB-3078/ND/2019, due to a settlement.

## Facts

Newgen Speciality Plastics Ltd, the operational creditor, initiated insolvency proceedings against Akanksha Plastics (P) Ltd, the corporate debtor, under Section 9 of the IBC, 2016. An application was filed under Section 35(n) of the IBC, 2016, seeking withdrawal of the initial application due to a settlement reached between the parties. The application for withdrawal pertains to the matter of IB-3078/ND/2019. The applicant's submissions and averments were considered by the court.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the petition filed under Section 9 of the I&B Code …

**Ratio:** The legal principle applied is that if a settlement is reached between the parties in an

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**Reasoning:** The court reasoned that since the applicant had made submissions and averments indicating

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**Interpretation:** Section 35(n) of the Insolvency & Bankruptcy Code, 2016, allows for the

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**Application:** In this specific case, the applicant sought withdrawal of the petition due to a

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## Parties

- **Judges:** P.S.N. P…; Narender Kumar…
- **Appellants:** NEWGEN SPECIALITY…
- **Respondents:** Akanksha Plastics…

## Timeline

- **2021-10-08 — Order Del…**: Order delivered on the application…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35(n) — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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