# In the matter of Galaxy Papers Pvt. Ltd. CP No. (IB)446-ALD-2019

> NCLT judgment dated 2021-07-05. Citation: TCN-2021-NCLT-01852. The case pertains to CP No. (IB)446/ALD/2019 before the Allahabad Bench of the National Company…

- **Court:** NCLT
- **Order date:** 5 Jul 2021
- **Citation:** TCN-2021-NCLT-01852
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/galaxy-papers-pvt-ltd-cp-no-ib446-ald-2019-dda73a1c

## Summary

### Background

The case pertains to CP No. (IB)446/ALD/2019 before the Allahabad Bench of the National Company Law Tribunal. The hearing was conducted through video conferencing. The counsel for the petitioner stated that the entire amount has been paid and the matter has been settled between the parties. The counsel for the petitioner wants to withdraw the present petition as the entire amount has been paid by the respondent.

## Facts

The case involves M/S Vandana Trading Company V/S M/S Galaxy Papers Pvt. Ltd. The matter was heard through video conferencing. The petitioner's counsel stated that the entire amount due has been paid by the respondent, and the matter has been settled between the parties. Consequently, the petitioner sought to withdraw the petition. The court, noting the amicable settlement and full payment, dismissed the petition as withdrawn. The respondent's counsel, Mr. R.C. Gupta, was listed but not online during the hearing. This settlement is the key fact leading to the dismissal of the petition.

## Issues and analysis

### Issue 1: Whether the present petition should be dismissed as withdrawn given the settlement between the …

**Ratio:** A petition can be dismissed as withdrawn when the parties have reached an amicable

…

**Reasoning:** The court reasoned that since the petitioner's counsel stated that the entire amount had

…

**Interpretation:** This legal principle allows for the efficient resolution of disputes when

…

**Application:** In this case, the petitioner's counsel's statement regarding the full payment

…

## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** M/S Vandana…
- **Respondents:** M/S Galaxy Papers…

## Timeline

- **2021-07-05 — Hearing…**: The Allahabad Bench of the National Company Law Tribunal heard the matter through video…
- **2021-07-05 — Petition Wit…**: The petitioner's counsel stated that the entire amount had been paid and sought to…

## 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/galaxy-papers-pvt-ltd-cp-no-ib446-ald-2019-dda73a1c