# In the matter of Earth Galleria Pvt. Ltd. (IB)-281(PB)-2018

> NCLT judgment dated 2019-02-26. Citation: TCN-2019-NCLT-04685. The case involves an application under Rule 8 of the Insolvency and Bankruptcy (Application to…

- **Court:** NCLT
- **Order date:** 26 Feb 2019
- **Citation:** TCN-2019-NCLT-04685
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/earth-galleria-pvt-ltd-ib-281pb-2018-9c091f01

## Summary

### Background

The case involves an application under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, filed by the Financial Creditor seeking withdrawal of the petition. The basis for the withdrawal is that the matter has been amicably settled between the parties involved.

## Facts

Meena Devi & Anr. filed a petition against Earth Galleria Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code. The Financial Creditor filed an application under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking withdrawal of the petition. The reason for seeking withdrawal was that the matter had been amicably settled between the parties. The matter was heard, and the order was reserved on 2019-02-13. The application was allowed, and the CP No. (IB)-281(PB)/2018 was disposed of as withdrawn. Both CA No. 294(PB)/2019 and Company Petition No. (IB)-281(PB)/2018 stand disposed of.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the petition should be allowed based on the amicable …

**Ratio:** The legal principle applied is that if parties to an insolvency petition amicably settle

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**Reasoning:** The court reasoned that since the parties had amicably settled the dispute between them,

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**Interpretation:** The interpretation is that the court recognizes and encourages amicable

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** DEEPTI M…; S. K. MOH…
- **Appellants:** Meena Devi…
- **Respondents:** Earth Galleria…

## Timeline

- **2019-02-13 — Order Res…**: The matter was heard, and…
- **2019-02-26 — Order Del…**: The application was allowed, and the CP No. (IB)-281(PB)/2018 was disposed of as…

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