# In the matter of Gradient Business Consulting Pvt. Ltd. I.A. (IB) No. 880-KB-2020 In CP (IB) No.1603-KB-2019

> NCLT judgment dated 2020-09-22. Citation: TCN-2020-NCLT-00555. The case involves PM Cold Storage Pvt. Ltd. versus Gradient Business Consulting Pvt. Ltd. The…

- **Court:** NCLT
- **Order date:** 22 Sept 2020
- **Citation:** TCN-2020-NCLT-00555
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gradient-business-consulting-pvt-ltd-ia-ib-no-880-kb-2020-in-cp-ib-no1603-kb-201-9523579f

## Summary

### Background

The case involves PM Cold Storage Pvt. Ltd. versus Gradient Business Consulting Pvt. Ltd. The Financial Creditor and the applicant, one of the Directors of the suspended Board of Directors of the Corporate Debtor, appeared before the National Company Law Tribunal (NCLT), Kolkata Bench. The Resolution Professional did not appear.

## Facts

The case involves PM Cold Storage Pvt. Ltd. versus Gradient Business Consulting Pvt. Ltd. The Financial Creditor and a director from the Corporate Debtor's suspended board appeared. The Resolution Professional was absent. The Financial Creditor's counsel stated that the Resolution Professional's fees were paid. Both counsels submitted that the matter had been settled outside the Tribunal, and the Financial Creditor sought permission to withdraw the case. This settlement is a key fact influencing the court's decision to dispose of the case, allowing the Financial Creditor to revive the petition if the settlement fails.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant permission to the Financial Creditor to withdraw the matter given …

**Ratio:** The Tribunal has the discretion to allow the withdrawal of a matter if the parties have

…

**Reasoning:** The court reasoned that since the matter was settled out of the Tribunal and the

…

**Interpretation:** This interprets the Tribunal's power to facilitate settlements and ensure

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

- **Judges:** Madan B.…; Harish Chander…
- **Appellants:** P.M. Cold Storage…
- **Respondents:** GRADIENT BUSINESS…
- **Advocates:** Chyan G…; Anujit Moo…; +3 more

## Timeline

- **2020-09-22 — Hearing…**: Hearing held on September…
- **N/A — Settlement Su…**: Counsel submitted that the matter…

---

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/gradient-business-consulting-pvt-ltd-ia-ib-no-880-kb-2020-in-cp-ib-no1603-kb-201-9523579f