# In the matter of Hansraj Agrofresh Pvt. Ltd. IA No. 93-2020 in CP No. (IB) 40-ALD-2019

> NCLT judgment dated 2020-02-27. Citation: TCN-2020-NCLT-01793. The case pertains to CP No. (IB) 40/ALD/2019, IA No. 93/2020 before the Allahabad Bench of the…

- **Court:** NCLT
- **Order date:** 27 Feb 2020
- **Citation:** TCN-2020-NCLT-01793
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hansraj-agrofresh-pvt-ltd-ia-no-93-2020-in-cp-no-ib-40-ald-2019-1670524f

## Summary

### Background

The case pertains to CP No. (IB) 40/ALD/2019, IA No. 93/2020 before the Allahabad Bench of the National Company Law Tribunal. The matter involves M/s Magpet Polymers Pvt Ltd V/s Hansraj Agrofresh Pvt Ltd. The case was listed for hearing on 27.02.2020.

## Facts

The case involves CP No. (IB) 40/ALD/2019, IA No. 93/2020 before the Allahabad Bench of the National Company Law Tribunal. The matter concerns M/s Magpet Polymers Pvt Ltd V/s Hansraj Agrofresh Pvt Ltd. Vipin Chandra Pal, proxy on behalf of IRP, stated that the matter has been settled, and a withdrawal application has been filed, with a settlement agreement on record. The court noted the submission of the counsel for IRP and dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the petition should be dismissed as withdrawn given the settlement between the parties and …

**Ratio:** When a matter has been settled between the parties and a withdrawal application has been

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**Reasoning:** The court reasoned that keeping the proceedings pending would serve no useful purpose,

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**Interpretation:** This interpretation allows for the efficient resolution of cases when parties

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**Application:** The court applied this principle by dismissing the petition as withdrawn, based

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## Parties

- **Judges:** Rajesh Daya…
- **Respondents:** Magpet Polymers…; HANSRAJ AGROFRESH…

## Timeline

- **2020-02-27 — Hearing…**: Hearing of Allahabad Bench of the…
- **2020-02-27 — Order Da…**: The petition was…

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