# In the matter of Faizan Shoes Pvt . Ltd. IBA-307-2020 > NCLT judgment dated 2021-02-18. Citation: TCN-2021-NCLT-03005. The case involves a petition filed under IBA/307/2020. A Joint Compromise Memo was filed vide… - **Court:** NCLT - **Order date:** 18 Feb 2021 - **Citation:** TCN-2021-NCLT-03005 - **Category:** IBC - **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/faizan-shoes-pvt-ltd-iba-307-2020-0e9c7172 ## Summary ### Background The case involves a petition filed under IBA/307/2020. A Joint Compromise Memo was filed vide SR.No.2785 dated 06.10.2020. The petitioner sought to withdraw the petition based on the Joint Compromise Memo, and a Withdrawal Memo dated 06.10.2020 was filed. ## Facts A petition was filed under IBA/307/2020. A Joint Compromise Memo was filed on 06.10.2020 (SR.No.2785). The petitioner sought to withdraw the petition based on this compromise, submitting a Withdrawal Memo also dated 06.10.2020. The petitioner's representative was present via video conferencing. The court considered both memos. ## Issues and analysis ### Issue 1: Whether the petition should be dismissed as withdrawn based on the Joint Compromise Memo and the … **Ratio:** A petition can be dismissed as withdrawn if the parties have reached a compromise and the … **Reasoning:** The court considered the Joint Compromise Memo and the Withdrawal Memo filed by the … **Interpretation:** The legal principle allows for the withdrawal of a petition when a compromise … **Application:** In this case, the existence of the Joint Compromise Memo and the Withdrawal … ## Parties - **Judges:** R. VARADH…; Anil Ku… - **Respondents:** Faizan Shoes Pvt… ## Timeline - **2020-10-06 — Joint Compromise Memo…**: A Joint Compromise Memo… - **2020-10-06 — Withdrawal Me…**: A Withdrawal Memo was… --- 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/faizan-shoes-pvt-ltd-iba-307-2020-0e9c7172