# In the matter of Celogen Pharma Pvt. Ltd. CP(IB)-4242(MB)-2019

> NCLT judgment dated 2021-02-09. Citation: TCN-2021-NCLT-03092. The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 9 Feb 2021
- **Citation:** TCN-2021-NCLT-03092
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/celogen-pharma-pvt-ltd-cpib-4242mb-2019-9d27d232

## Summary

### Background

The case pertains to a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The matter was listed before the National Company Law Tribunal, Mumbai Bench, Court-IV.

## Facts

The case involves Shree Chemicals as the operational creditor and Celogen Pharma Pvt. Ltd. as the corporate debtor. The petitioner, Shree Chemicals, initiated proceedings under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the hearing, both parties were present. The counsel representing Shree Chemicals informed the court that the dispute had been amicably resolved between the parties and requested permission to withdraw the petition. The court accepted the submission and dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 can be …

**Ratio:** A petition can be dismissed as withdrawn if the parties have amicably settled the matter

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**Reasoning:** The court accepted the submission of the petitioner's counsel that the matter 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 submitted that the matter was amicably

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## Parties

- **Judges:** RAJESH S…; SUCHITRAKAN…
- **Appellants:** Shree Che…
- **Respondents:** Celogen Pharma…

## Timeline

- **2021-02-09 — Order Sheet of…**: Order sheet of the hearing held on 09.02.2021. Both sides present. Counsel for 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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