# In the matter of Charms India Pvt. Ltd. (IB)-2929-ND-2019

> NCLT judgment dated 2021-09-03. Citation: TCN-2021-NCLT-01191. The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 3 Sept 2021
- **Citation:** TCN-2021-NCLT-01191
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/charms-india-pvt-ltd-ib-2929-nd-2019-4c33bcf8

## Summary

### Background

The case involves an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The applicant sought to withdraw the matter due to a settlement with the Corporate Debtor.

## Facts

The applicant, Kedar Nath Gupta, filed an application against the respondent, Charms India Pvt. Ltd., under Section 9 of the IBC. The applicant's counsel, Mr. Karan, stated that he received an email from the applicant directing him to withdraw the matter due to a settlement with the Corporate Debtor. A copy of the email dated August 24, 2021, was shared with the bench. The court recorded the submissions and allowed the withdrawal of the application.

## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of the IBC can be withdrawn based on the settlement …

**Ratio:** An application can be withdrawn if the applicant and the Corporate Debtor have reached a

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**Reasoning:** The court considered the submission of the applicant's counsel and the email indicating a

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**Interpretation:** The IBC allows for the withdrawal of applications if a settlement is reached

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**Application:** In this case, the applicant's counsel submitted that a settlement had been

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Kedar Nath…
- **Respondents:** Charms India Pvt.…
- **Advocates:** Karan Rajp…; Shekhar…; +1 more

## Timeline

- **2021-08-24 — Email Da…**: Email from the applicant directing the counsel to withdraw the matter due to settlement…
- **2021-09-03 — Order Del…**: The court allowed the withdrawal of…

## 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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