# In the matter of Elixir Trading Pvt. Ltd. New IA-2359-2021In IB-1054(ND)-2020

> NCLT judgment dated 2021-06-08. Citation: TCN-2021-NCLT-02011. The case involves an application under Rule 11 read with Rule 32 of the NCLT Rules 2016,…

- **Court:** NCLT
- **Order date:** 8 Jun 2021
- **Citation:** TCN-2021-NCLT-02011
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/elixir-trading-pvt-ltd-new-ia-2359-2021in-ib-1054nd-2020-733905b0

## Summary

### Background

The case involves an application under Rule 11 read with Rule 32 of the NCLT Rules 2016, seeking directions. The Operational Creditor and the Corporate Debtor have agreed to settle the matter.

## Facts

Shivalik Exim Pvt Ltd (Operational Creditor) filed a petition against Elixir Trading Pvt. Ltd. (Respondent) under Section 9 of the IBC, 2016. Both parties agreed to settle the matter. The application was filed under Rule 11 read with Rule 32 of the NCLT Rules, 2016, seeking directions. The main petition bearing No. IB-1054/2020 was then dismissed as withdrawn.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the IBC, 2016, can be dismissed as withdrawn based on …

**Ratio:** A petition can be dismissed as withdrawn if both parties agree to a settlement, and the

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**Reasoning:** The court considered the submissions of both parties' counsel and noted their agreement

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**Interpretation:** This reflects the principle that parties are generally free to settle their

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**Application:** In this case, since both Shivalik Exim Pvt Ltd and Elixir Trading Pvt. Ltd.

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## Parties

- **Judges:** P.S.N. P…; Narender Kumar…
- **Appellants:** Shivalik Exim Pvt…
- **Respondents:** Elixir Trading…

## Timeline

- **2020-01-01 — Petition…**: Main petition filed under…
- **2021-01-01 — Application…**: Application IA-2359/2021 filed under Rule 11 read with Rule 32 of the NCLT Rules 2016,…

## 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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