# In the matter of Balaji Polytex Ltd. C.P. No. 209-KB-2017

> NCLT judgment dated 2017-08-31. Citation: TCN-2017-NCLT-00501. The case was initially admitted under Section 9 of the IBC 2016 based on an order dated…

- **Court:** NCLT
- **Order date:** 31 Aug 2017
- **Citation:** TCN-2017-NCLT-00501
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/balaji-polytex-ltd-cp-no-209-kb-2017-dc11e917

## Summary

### Background

The case was initially admitted under Section 9 of the IBC 2016 based on an order dated 2017-07-31. However, the Calcutta High Court, in Writ Petition No. 21465 (W) of 2017, set aside the NCLT's order and granted additional time for the respondent to file a reply. The NCLT was directed to hear the case by 2017-08-31. The case was taken up following the High Court's order.

## Facts

The case was initially admitted under Section 9 of the IBC 2016. The Calcutta High Court set aside the NCLT's order in Writ Petition No. 21465 (W) of 2017, granting the respondent more time to reply. The NCLT was directed to rehear the case by 2017-08-31. The counsels informed the court that a settlement was reached. The petitioner's counsel requested to withdraw the petition based on the settlement terms. This settlement is a key fact because it led to the withdrawal of the petition and the resolution of the dispute.

## Issues and analysis

### Issue 1: Whether the petition should be dismissed as withdrawn based on the settlement reached between the …

**Ratio:** The legal principle applied is that parties are generally allowed to settle their

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

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**Interpretation:** This issue involves the interpretation of the court's power to allow withdrawal

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Vijai Prata…; Jinan…
- **Respondents:** Balaji Polytex…

## Timeline

- **2017-07-31 — Initial Admission of…**: The case was initially admitted…
- **2017-01-01 — Calcutta High Court…**: The Calcutta High Court set aside the NCLT's order in Writ Petition No. 21465 (W) of 2017…

## 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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