# In the matter of Green Orbit Apparels Pvt. Ltd. CP (IB) No. 991-KB-2018

> NCLT judgment dated 2019-02-19. Citation: TCN-2019-NCLT-04791. The case pertains to CP (IB) No. 991/KB/2018 before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 19 Feb 2019
- **Citation:** TCN-2019-NCLT-04791
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/green-orbit-apparels-pvt-ltd-cp-ib-no-991-kb-2018-be7c77ad

## Summary

### Background

The case pertains to CP (IB) No. 991/KB/2018 before the National Company Law Tribunal (NCLT), Kolkata Bench. The matter involves Shree Karni Pvt. Ltd. as the Operational Creditor and Green Orbit Apparels Pvt. Ltd. as the Corporate Debtor. The hearing took place on February 19, 2019.

## Facts

The case involves Shree Karni Pvt. Ltd. as the Operational Creditor and Green Orbit Apparels Pvt. Ltd. as the Corporate Debtor. The hearing was held on February 19, 2019, before the NCLT Kolkata Bench. Representatives from both the Operational Creditor (Avinys Mandal, Pankraj Bernal) and the Corporate Debtor (Arun kr Singh, Sankhadep Ghosh, Ritoban Sarkar) were present. The counsels for both parties submitted that the matter had been settled out of the Tribunal, and the Operational Creditor requested permission to withdraw the application. The Tribunal granted permission, and the Company Petition was disposed of as withdrawn. The case falls under Section 9 of the IBC.

## Issues and analysis

### Issue 1: Whether the Operational Creditor's request to withdraw the application should be granted based on …

**Ratio:** The legal principle is that a party can withdraw an application if a settlement has been

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**Reasoning:** The court reasoned that since both parties, the Operational Creditor and the Corporate

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**Interpretation:** This interprets the IBC's intent to encourage settlement and resolution of

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**Application:** In this case, the Operational Creditor and Corporate Debtor jointly submitted

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## Parties

- **Judges:** Jinan…
- **Appellants:** Shree Karni Pvt.…
- **Respondents:** Green Orbit…

## Timeline

- **2019-02-19 — Hearing…**: Hearing held on February…
- **2019-02-19 — Settlement Su…**: Counsel for Operational Creditor and Corporate Debtor jointly submitted that the matter…

## 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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