# In the matter of Angel Fibers Ltd. CP(IB) 273-2020

> NCLT judgment dated 2020-09-21. Citation: TCN-2020-NCLT-00560. The case pertains to CP(IB) 273 of 2020 before the Ahmedabad Bench of the National Company Law…

- **Court:** NCLT
- **Order date:** 21 Sept 2020
- **Citation:** TCN-2020-NCLT-00560
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/angel-fibers-ltd-cpib-273-2020-191835d1

## Summary

### Background

The case pertains to CP(IB) 273 of 2020 before the Ahmedabad Bench of the National Company Law Tribunal. The Operational Creditor sought to withdraw the IB petition due to a settlement between the parties.

## Facts

The Operational Creditor, represented by Learned Counsel Mr. Rajiv Gupta, filed an insolvency petition. Subsequently, the Operational Creditor sought to withdraw the petition, stating that the matter had been settled between the parties. The key fact is the settlement, which prompted the request for withdrawal. The relevance of this fact is that it provides the basis for the court's decision to allow the withdrawal of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be granted permission to withdraw the insolvency petition …

**Ratio:** The legal principle applied is that a party can withdraw a petition if there is a

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**Reasoning:** The court reasoned that since the matter was settled between the parties, it was

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**Interpretation:** The interpretation is that the court recognizes the importance of settlements

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Respondents:** Angel Fibe…

## Timeline

- **2020-09-21 — Hearing…**: Hearing conducted through video conferencing before the Ahmedabad Bench of the National…
- **2020-09-21 — Order Da…**: CP(IB) No. 273 of 2020 stands…

## 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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