# In the matter of Akash Packtech Pvt. Ltd. (IB)-1527(ND)-2019

> NCLT judgment dated 2020-08-07. Citation: TCN-2020-NCLT-00883. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 7 Aug 2020
- **Citation:** TCN-2020-NCLT-00883
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/akash-packtech-pvt-ltd-ib-1527nd-2019-86090487

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The matter was listed for pronouncement on July 31, 2020, but the learned counsels for both parties submitted that the matter was settled and requested a deferral of the pronouncement as they were in the process of filing a withdrawal application. The registry inadvertently uploaded the final order on the website. The application for withdrawal was jointly filed by the Operational Creditor and Corporate Debtor.

## Facts

M/s SMC Corporation India Pvt Ltd filed an application against M/s Akash Packtech Pvt Ltd under Section 9 of the IBC. The matter was listed for pronouncement on July 31, 2020. Both parties informed the court that they had settled the matter and were in the process of filing a withdrawal application. The registry inadvertently uploaded the final order on the website. The Operational Creditor and Corporate Debtor jointly filed an application for withdrawal of IB-1527/ND/2019. The IRP had already made a public notice, which needed to be withdrawn. The final order copy was not received by IRP from registry, but the same was supplied by one interested party.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of IB-1527/ND/2019 should be allowed given the settlement …

**Ratio:** When parties amicably settle a dispute, the court may allow the withdrawal of the

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**Reasoning:** The court noted that both parties had filed affidavits stating that they had amicably

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

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**Application:** The court applied this principle by allowing the withdrawal of the application,

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## Parties

- **Judges:** DEEPTI M…; HEMANT KUMAR…
- **Appellants:** M/s SMC Corporatio…
- **Respondents:** M/s Akash…

## Timeline

- **2020-07-31 — Matter Listed for…**: The matter was initially listed for pronouncement, but the counsels requested a deferral…
- **2020-08-07 — Order Del…**: The court allowed the withdrawal of the application and disposed of the matter. The court…

## 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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