# In the matter of Cargo Planners Ltd. (IB)-673(PB)-2019

> NCLT judgment dated 2019-04-23. Citation: TCN-2019-NCLT-03762. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.…

- **Court:** NCLT
- **Order date:** 23 Apr 2019
- **Citation:** TCN-2019-NCLT-03762
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cargo-planners-ltd-ib-673pb-2019-6b068265

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant/petitioner is M/s. Paisalo Digital Ltd., and the respondent is M/s. Cargo Planners Ltd. The learned counsel for the petitioner stated that the dispute has been amicably settled between the parties, and he has instructions to apply for withdrawal of the petition.

## Facts

M/s. Paisalo Digital Ltd. filed a petition against M/s. Cargo Planners Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner's counsel informed the court that the dispute had been amicably settled between the parties and requested permission to withdraw the petition. The court then dismissed the petition as withdrawn, allowing the petitioner to file a fresh petition or apply for revival if the settlement terms are not complied with.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 can be …

**Ratio:** A petition can be dismissed as withdrawn if the parties have reached an amicable

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**Reasoning:** The court accepted the submission of the petitioner's counsel that the dispute had been

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**Interpretation:** This reflects the principle that parties are free to settle their disputes

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**Application:** In this case, the petitioner's counsel stated that the dispute had been

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** M/s Paisalo…
- **Respondents:** M/s. Cargo…
- **Advocates:** P. Na…; Dhruv Dev…; +1 more

## Timeline

- **2016-01-01 — Enactment…**: Insolvency & Bankruptcy…
- **2019-04-23 — Order Del…**: Order delivered dismissing the petition as…

## 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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