# In the matter of Globus Stores Pvt. Ltd. C.P.(IB)-466(MB)-2020

> NCLT judgment dated 2020-03-03. Citation: TCN-2020-NCLT-01684. The case pertains to C.P.(IB)-466(MB)/2020 filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 3 Mar 2020
- **Citation:** TCN-2020-NCLT-01684
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/globus-stores-pvt-ltd-cpib-466mb-2020-554f1ff6

## Summary

### Background

The case pertains to C.P.(IB)-466(MB)/2020 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor's counsel was present, while there was no representation on behalf of the Corporate Debtor.

## Facts

Mahaakaal Traders filed a case against Globus Stores Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor, Mahaakaal Traders, was represented by its counsel. The Corporate Debtor, Globus Stores Pvt. Ltd., had no representation. The Operational Creditor's counsel submitted that a full and final settlement of the amount claimed had been received. The court, considering this submission and the endorsement on the petition, dismissed the case as withdrawn. This indicates that the parties reached an agreement outside of the court proceedings, leading to the settlement of the debt.

## Issues and analysis

### Issue 1: Whether the C.P.(IB)-466(MB)/2020 petition should be dismissed as withdrawn based on the submission …

**Ratio:** A case can be dismissed as withdrawn if the parties have reached a settlement, and the

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**Reasoning:** The court reasoned that since the Operational Creditor's counsel submitted that a full

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**Interpretation:** This interpretation aligns with the principle that insolvency proceedings are

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**Application:** In this case, the Operational Creditor's confirmation of full settlement

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## Parties

- **Judges:** Rajasekha…; RAJESH S…
- **Appellants:** Mahaakaal T…
- **Respondents:** Globus Stores…

## Timeline

- **2020-03-03 — Hearing…**: Order sheet of the…
- **2020-01-01 — Case Fil…**: C.P.(IB)-466(MB)/2020…

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