# In the matter of Direct News Pvt. Ltd. IB-1478(PB)-2019

> NCLT judgment dated 2019-10-11. Citation: TCN-2019-NCLT-01031. This case involves a joint application filed under Rule 11 of NCLT Rules, 2016, seeking the…

- **Court:** NCLT
- **Order date:** 11 Oct 2019
- **Citation:** TCN-2019-NCLT-01031
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/direct-news-pvt-ltd-ib-1478pb-2019-b2160d45

## Summary

### Background

This case involves a joint application filed under Rule 11 of NCLT Rules, 2016, seeking the withdrawal of a petition (IB-1478(PB)/2019). The parties involved have amicably settled their disputes. The Corporate Insolvency Resolution Process (CIRP) was initiated in this case on 30.09.2019.

## Facts

Omega Finvest LLP filed an insolvency petition (IB-1478(PB)/2019) against Direct News Pvt Ltd. under Section 9 of the Insolvency & Bankruptcy Code. The Corporate Insolvency Resolution Process (CIRP) was initiated on 30.09.2019. Subsequently, Omega Finvest LLP and Direct News Pvt Ltd. reached an amicable settlement. A joint application (CA-2102(PB)/2019) was filed under Rule 11 of NCLT Rules, 2016, seeking withdrawal of the insolvency petition. The Interim Resolution Professional (IRP), Sanjeev Gupta, confirmed receiving Rs. 1,03,316/- as full and final payment for his dues related to the CIRP. The court considered the settlement, the IRP's statement, and the Supreme Court's judgment in Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India and Ors. The relevance of

…

## Issues and analysis

### Issue 1: Whether the insolvency petition (IB-1478(PB)/2019) can be withdrawn based on the amicable …

**Ratio:** The legal principle applied is that an insolvency petition can be withdrawn if the

…

**Reasoning:** The court reasoned that since the parties had settled their disputes amicably and the IRP

…

**Interpretation:** The interpretation is that the Insolvency and Bankruptcy Code (IBC) allows for

…

**Application:** In this specific case, the ratio and reasoning were applied to the facts that

…

## Parties

- **Judges:** M. M. K…; Saroj Ra…
- **Appellants:** Omega Finve…
- **Respondents:** Direct News Pvt…

## Timeline

- **2019-09-30 — Initiation…**: Corporate Insolvency Resolution Process…
- **2019-10-11 — Order Del…**: Order delivered allowing 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/direct-news-pvt-ltd-ib-1478pb-2019-b2160d45