# In the matter of Bagpet Paper Pvt. Ltd. C.P. (I.B) No. 363-7-NCLT-AHM-2018

> NCLT judgment dated 2020-06-30. Citation: TCN-2020-NCLT-01095. The case pertains to C.P. (I.B) No.363/7/NCLT/AHM/2018 before the Ahmedabad Bench of the…

- **Court:** NCLT
- **Order date:** 30 Jun 2020
- **Citation:** TCN-2020-NCLT-01095
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bagpet-paper-pvt-ltd-cp-ib-no-363-7-nclt-ahm-2018-1b76b7e3

## Summary

### Background

The case pertains to C.P. (I.B) No.363/7/NCLT/AHM/2018 before the Ahmedabad Bench of the National Company Law Tribunal. The hearing was conducted through video conferencing. The case involves Bank of India as the applicant and Bagpet Paper Pvt. Ltd. as the respondent.

## Facts

The case involves Bank of India as the applicant and Bagpet Paper Pvt. Ltd. as the respondent in a matter before the Ahmedabad Bench of the National Company Law Tribunal. The learned counsel for the Financial Creditor, Mr. Ketan M Parikh, appeared and stated that the matter has been settled. He requested permission to withdraw the matter, which was granted by the court. Consequently, the matter was withdrawn and disposed of. The case was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.

## Issues and analysis

### Issue 1: Whether the Financial Creditor should be granted permission to withdraw the application under …

**Ratio:** When a matter is settled between the parties, the court may grant permission to withdraw

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**Reasoning:** The court reasoned that since the Financial Creditor's counsel stated that the matter was

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**Interpretation:** This interpretation allows for the efficient resolution of cases where parties

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**Application:** In this case, the Financial Creditor's counsel's statement regarding the

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Bank of…
- **Respondents:** Bagpet Paper Pvt.…

## Timeline

- **2020-06-30 — Hearing…**: Hearing conducted through video conferencing before the Ahmedabad Bench of the National…
- **2020-06-30 — Order Da…**: The court granted permission to the Financial Creditor to withdraw the matter, and the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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