# In the matter of Hitech Retails Pvt. Ltd. CP(IB)No. 674-KB-2019

> NCLT judgment dated 2019-08-13. Citation: TCN-2019-NCLT-01972. The document is an attendance-cum-order sheet from the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 13 Aug 2019
- **Citation:** TCN-2019-NCLT-01972
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hitech-retails-pvt-ltd-cpibno-674-kb-2019-c8f84885

## Summary

### Background

The document is an attendance-cum-order sheet from the National Company Law Tribunal (NCLT), Kolkata Bench, regarding CP(IB)No.674/KB/2019. The hearing took place on August 13, 2019, at 10:30 AM. The case involves Vision Enterprise as the operational creditor and Hitech Retails Pvt. Ltd. as the corporate debtor. The counsels for both parties jointly submitted that the matter has been settled out of the Tribunal and sought permission to withdraw the matter.

## Facts

The key facts are as follows: The case CP(IB)No.674/KB/2019 was heard by the National Company Law Tribunal (NCLT), Kolkata Bench, on August 13, 2019. Vision Enterprise is the operational creditor, and Hitech Retails Pvt. Ltd. is the corporate debtor. Representatives from both parties were present. The counsels for both parties jointly submitted that the matter had been settled out of court and requested permission to withdraw the case from the Tribunal. The Tribunal granted permission, and the matter was disposed of as withdrawn. The case falls under Section 9 IBC.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant permission to withdraw the matter based on the joint submission …

**Ratio:** The legal principle applied here is that if parties to a dispute mutually agree to settle

…

**Reasoning:** The court's reasoning is based on the principle of party autonomy and the recognition

…

**Interpretation:** This reflects the interpretation that the IBC allows for out-of-court

…

**Application:** In this specific case, the counsels for both Vision Enterprise (operational

…

## Parties

- **Judges:** Jinan…; Virendra Kumar…
- **Appellants:** Vision Ente…
- **Respondents:** Hitech Retails…

## Timeline

- **2019-08-13 — Hearing…**: Hearing held on August 13, 2019, at…
- **2019-08-13 — Order Is…**: Order issued by the NCLT, Kolkata Bench, disposing of the matter as withdrawn based on…

## 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)

---

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/hitech-retails-pvt-ltd-cpibno-674-kb-2019-c8f84885