# In the matter of CASA2 Stays Pvt. Ltd. IA No. 4877-ND-2021 in (IB)-245-ND-2020

> NCLT judgment dated 2021-10-27. Citation: TCN-2021-NCLT-00680. The case involves IA No. 4877/ND/2021, filed in the National Company Law Tribunal, New Delhi.…

- **Court:** NCLT
- **Order date:** 27 Oct 2021
- **Citation:** TCN-2021-NCLT-00680
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/casa2-stays-pvt-ltd-ia-no-4877-nd-2021-in-ib-245-nd-2020-84cc8f5f

## Summary

### Background

The case involves IA No. 4877/ND/2021, filed in the National Company Law Tribunal, New Delhi. The applicant is Avery Dennison India Pvt. Ltd. and the respondent is CASA2 Stays Pvt. Ltd. The matter pertains to an order under Section 9 of the Insolvency and Bankruptcy Code (IBC). The counsel for both sides stated that a settlement has been reached between the parties, and the applicant's counsel seeks to withdraw the petition as no Committee of Creditors (CoC) has been appointed. A settlement agreement has been placed on record.

## Facts

Avery Dennison India Pvt. Ltd. filed a petition against CASA2 Stays Pvt. Ltd. under Section 9 of the IBC. During the proceedings, both parties reached a settlement. As a result of the settlement, Avery Dennison India Pvt. Ltd. sought to withdraw the petition. Crucially, a Committee of Creditors (CoC) had not been appointed at the time of the settlement. The settlement agreement was presented to the court. The court considered the settlement and the applicant's request for withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the petition should be allowed given the settlement …

**Ratio:** A petition can be withdrawn if the parties have reached a settlement, especially when a

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**Reasoning:** The court reasoned that since a settlement has been reached between the parties and no

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**Interpretation:** This interpretation suggests that the court prioritizes settlements between

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**Application:** In this specific case, the ratio and reasoning are applied to allow Avery

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## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** Avery Dennison…
- **Respondents:** CASA2 Stays Pvt.…

## Timeline

- **2021-10-27 — Order Del…**: The order was delivered on October 27, 2021, allowing the withdrawal of IA No.…

## 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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