# In the matter of APCO Industries Ltd. CP (IB) 179 of 2020

> NCLT judgment dated 2020-12-02. Citation: TCN-2020-NCLT-00184. The case pertains to CP(IB) 179 of 2020 before the Ahmedabad Bench of the National Company Law…

- **Court:** NCLT
- **Order date:** 2 Dec 2020
- **Citation:** TCN-2020-NCLT-00184
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/apco-industries-ltd-cp-ib-179-of-2020-14a24bd2

## Summary

### Background

The case pertains to CP(IB) 179 of 2020 before the Ahmedabad Bench of the National Company Law Tribunal. The matter involves Royale Industries V/s APCO Industries Ltd. The Operational Creditor and the Corporate Debtor appeared through their respective counsels. The Operational Creditor submitted that the matter has been settled, and a deed of settlement was produced on record.

## Facts

The case involves Royale Industries versus APCO Industries Ltd. Rishabh Parikh, counsel for the Operational Creditor, and Jatin Kapadia, counsel for the Corporate Debtor, appeared before the NCLT Ahmedabad Bench. The Operational Creditor submitted that the matter had been settled, and a deed of settlement was presented. The Operational Creditor then sought permission to withdraw the matter. The relevance of the settlement is that it forms the basis for the withdrawal of the case, indicating a resolution between the parties outside of formal adjudication.

## Issues and analysis

### Issue 1: Whether the court should grant permission to the Operational Creditor to withdraw the matter based …

**Ratio:** The legal principle applied is that a party can withdraw a case if a settlement has been

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**Reasoning:** The court reasoned that since the Operational Creditor submitted that the matter was

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**Interpretation:** The interpretation is that when parties reach a settlement, the court generally

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**Application:** In this specific case, the court applied the ratio by granting permission to

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Royale Indu…
- **Respondents:** APCO Industries…

## Timeline

- **2020-12-02 — Hearing…**: Hearing held before the Ahmedabad Bench…
- **2020-12-02 — Order Da…**: Order issued to withdraw and…

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