# 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-01822. 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-01822
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/avis-press-pvt-ltd-cpib-no-406-9-hdb-2019-a4b60e15

## Summary

### Background

The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The Petitioner and Respondent have reached a settlement, and a joint memo of settlement has been filed with the Tribunal.

## Facts

A petition was filed under Section 9 of the IBC. The Petitioner and Respondent reached a settlement. The Petitioner's counsel stated that the matter has been settled between the parties. A joint memo of settlement, signed by both sides, was filed with the Tribunal. The Petitioner requested the Tribunal to allow the withdrawal of the petition based on the settlement. The Tribunal took the memo on record.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant permission for the withdrawal of the petition based on the …

**Ratio:** When parties to a petition under the IBC reach a settlement and jointly request the

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**Reasoning:** The Tribunal's reasoning is based on the principle that parties are free to settle their

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**Interpretation:** This legal issue involves the interpretation of the Tribunal's powers to allow

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**Application:** In this specific case, the Petitioner's counsel stated that the matter has been

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## Parties

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

## Timeline

- **2019-08-23 — Hearing…**: Attendance-cum-order sheet of the…

## 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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