# In the matter of Gokul Exim Pvt. Ltd. IA-4189-ND-2021 in (IB)-1456-ND-2018

> NCLT judgment dated 2021-09-20. Citation: TCN-2021-NCLT-01070. A joint application was filed by the Operational Creditor and Corporate Debtor seeking…

- **Court:** NCLT
- **Order date:** 20 Sept 2021
- **Citation:** TCN-2021-NCLT-01070
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gokul-exim-pvt-ltd-ia-4189-nd-2021-in-ib-1456-nd-2018-6fcecffb

## Summary

### Background

A joint application was filed by the Operational Creditor and Corporate Debtor seeking withdrawal of insolvency application No. 1456/ND/2018 under Rule 11. The matter was heard at length, and the order was reserved on 25.08.2021. Subsequently, the Corporate Debtor settled the matter and paid the amount as per the settlement agreement dated 15.09.2021. A copy of the settlement agreement was annexed with the application. Initially, Rupees 20,00,000/- was deposited to the applicant, and post-dated cheques were issued for the balance amount in terms of the agreement.

## Facts

The Operational Creditor and Corporate Debtor jointly filed an application to withdraw insolvency application No. 1456/ND/2018. The matter had been heard, and the order was reserved on 2021-08-25. After the order was reserved, the Corporate Debtor settled the matter with the Operational Creditor as per a settlement agreement dated 2021-09-15. The Corporate Debtor paid an initial amount of Rupees 20,00,000/- and issued post-dated cheques for the remaining balance. This settlement led to the joint application for withdrawal of the insolvency proceedings.

## Issues and analysis

### Issue 1: Whether the insolvency application IB-1456/ND/2018 should be allowed to be withdrawn based on the …

**Ratio:** The principle of allowing withdrawal of insolvency applications when a settlement is

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**Reasoning:** The court reasoned that since the Corporate Debtor had settled the matter with the

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**Interpretation:** The interpretation of Rule 11 allows for the withdrawal of insolvency

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**Application:** In this specific case, the ratio and reasoning were applied to the facts where

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## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** Jatalia Global…
- **Respondents:** Gokul Exim Pvt.…
- **Advocates:** Garima S…; Vipul G…; +2 more

## Timeline

- **2018-01-01 — Insolvency Application…**: Insolvency application No.…
- **2021-08-25 — Order Res…**: The matter was heard at length,…

## 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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