# In the matter of Associated Machinery Corporation Ltd. CP No. (IB) 393-ALD-2018

> NCLT judgment dated 2019-04-30. Citation: TCN-2019-NCLT-03617. The case pertains to CP No.(IB) 393/ALD/2018 before the Allahabad Bench of the National Company…

- **Court:** NCLT
- **Order date:** 30 Apr 2019
- **Citation:** TCN-2019-NCLT-03617
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/associated-machinery-corporation-ltd-cp-no-ib-393-ald-2018-5f93f266

## Summary

### Background

The case pertains to CP No.(IB) 393/ALD/2018 before the Allahabad Bench of the National Company Law Tribunal. The petitioner, MS. Rexel India Pvt. Ltd., sought to withdraw the petition due to a settlement reached between the parties. The withdrawal memo was filed by Sh. Alok Kumar Kushwaha, prepared by the PCS for the petitioner Sh. Ritesh Mahajan.

## Facts

MS. Rexel India Pvt. Ltd. filed a petition (CP No.(IB) 393/ALD/2018) before the Allahabad Bench of the National Company Law Tribunal against M/S. Associated machinery Corporation Ltd. A settlement was reached between the parties, leading the petitioner, represented by Sh. Alok Kumar Kushwaha, to file a withdrawal memo. The withdrawal memo was prepared by the PCS for the petitioner Sh. Ritesh Mahajan. The court found the memo in order and allowed the withdrawal, resulting in the dismissal of the IB petition.

## Issues and analysis

### Issue 1: Whether the withdrawal of the petition CP No.(IB) 393/ALD/2018 should be allowed based on the …

**Ratio:** A petition can be withdrawn if the parties have reached a settlement and the petitioner

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**Reasoning:** The court reasoned that since a settlement had been reached between the parties and the

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**Interpretation:** This legal issue involves the interpretation of the Insolvency and Bankruptcy

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**Application:** In this specific case, the ratio and reasoning were applied to the facts that a

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## Parties

- **Judges:** Saroj Ra…; Harihar Prakash…
- **Appellants:** Rexel India Pvt.…
- **Respondents:** M/S. Associated…

## Timeline

- **2019-04-30 — Hearing…**: Hearing of Allahabad Bench of the…
- **2019-04-30 — Order Da…**: Order issued allowing the withdrawal of…

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