# In the matter of Avis Press Pvt. Ltd. CP(IB) No. 406-9-HDB-2019

> NCLT judgment dated 2019-08-23. Citation: TCN-2019-NCLT-01830. The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 23 Aug 2019
- **Citation:** TCN-2019-NCLT-01830
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/avis-press-pvt-ltd-cpib-no-406-9-hdb-2019-9b2c5ecd

## Summary

### Background

The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Petitioner's counsel stated that the matter has been settled between the parties, and a joint memo of settlement signed by both sides was filed. The Petitioner sought leave from the Tribunal to withdraw the petition.

## Facts

The key facts are as follows: A petition was filed under Section 9 of the IBC. The Petitioner and Respondent reached a settlement. A joint memo of settlement, signed by both parties, was filed with the Tribunal. The Petitioner requested the Tribunal to allow the withdrawal of the petition. The Tribunal took the memo on record and granted permission for the withdrawal. The petition was then closed as withdrawn. The relevance of these facts lies in demonstrating the resolution of the dispute through settlement and the subsequent procedural steps taken to withdraw the legal action.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant permission to withdraw the petition based on the settlement …

**Ratio:** The legal principle applied is that parties are generally allowed to withdraw a petition

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**Reasoning:** The Tribunal reasoned that since the parties had settled the matter and filed a joint

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**Interpretation:** The interpretation is that the Tribunal recognizes and respects the autonomy of

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**Application:** In this specific case, the ratio and reasoning were applied by granting

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## Parties

- **Judges:** K. Anantha…; BINOD KUMAR…
- **Appellants:** Setco Chemicals…
- **Respondents:** Avis Press…

## Timeline

- **2019-08-23 — Hearing…**: Attendance-cum-order sheet of the…
- **N/A — Settlement Ag…**: Petitioner's counsel stated that the matter has been settled between the parties, and a…

## 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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