# In the matter of Effimax Engineers Pvt. Ltd. & Anr. IBA-484-2020

> NCLT judgment dated 2021-01-08. Citation: TCN-2021-NCLT-03354. The case involves an application under the Insolvency and Bankruptcy Code (IBC). The applicant…

- **Court:** NCLT
- **Order date:** 8 Jan 2021
- **Citation:** TCN-2021-NCLT-03354
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/effimax-engineers-pvt-ltd-anr-iba-484-2020-5bb5c61c

## Summary

### Background

The case involves an application under the Insolvency and Bankruptcy Code (IBC). The applicant sought to withdraw the application due to a settlement reached between the parties.

## Facts

Meena Sakariya (M.R Industrial Services) filed an application (IBA/484/2020) against M/S Effimax Engineers Pvt Ltd & 1 Anr under Section 7 Rule 4 of the IBC, 2016. During the proceedings, both counsels stated that a settlement had been reached between the parties. Consequently, the applicant sought permission to withdraw the application.

## Issues and analysis

### Issue 1: Whether the application IBA/484/2020 should be dismissed as withdrawn, given the settlement between …

**Ratio:** When parties reach a settlement and the applicant seeks to withdraw the application, the

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**Reasoning:** The court accepted the joint submission of the counsels that a settlement had been

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**Interpretation:** The interpretation of the IBC allows for withdrawal of applications when a

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**Application:** In this case, since both parties agreed to a settlement and the applicant

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** Meena Sak…
- **Respondents:** M/S Effimax…

## Timeline

- **2021-01-08 — Hearing…**: Hearing held on 08-01-2021 at 10.45…
- **N/A — Settleme…**: Counsels stated that settlement has…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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