# In the mater of Anjali Technoplast Ltd. (IB)-1144(PB)-2018

> NCLT judgment dated 2019-02-01. Citation: TCN-2019-NCLT-05061. The case involves Shakti Bhog Snacks Ltd. as the petitioner/applicant and Anjali Technoplast…

- **Court:** NCLT
- **Order date:** 1 Feb 2019
- **Citation:** TCN-2019-NCLT-05061
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/in-the-mater-of-anjali-technoplast-ltd-ib-1144pb-2018-166e9872

## Summary

### Background

The case involves Shakti Bhog Snacks Ltd. as the petitioner/applicant and Anjali Technoplast Ltd. as the respondent. The matter was brought before the National Company Law Tribunal (NCLT), New Delhi, under Section 7 of the Insolvency & Bankruptcy Code. The petitioner sought to initiate insolvency proceedings against the respondent.

## Facts

Shakti Bhog Snacks Ltd. filed a petition against Anjali Technoplast Ltd. under Section 7 of the Insolvency & Bankruptcy Code. During the proceedings, the counsel for the petitioner informed the court that the parties had reached an amicable settlement. The petitioner's counsel had instructions to withdraw the petition, but with the liberty to file a fresh petition if the post-dated cheques issued as part of the settlement were not honored. The court, acknowledging the settlement and the instructions to withdraw, dismissed the petition with liberty.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency & Bankruptcy Code should be …

**Ratio:** A court can dismiss a petition if the parties have reached an amicable settlement and the

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**Reasoning:** The court acknowledged the statement made by the petitioner's counsel regarding the

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**Interpretation:** This reflects the principle that courts generally respect and facilitate

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**Application:** In this case, the court applied this principle by dismissing the petition after

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## Parties

- **Judges:** M. M. K…; DEEPTI M…
- **Appellants:** Shakti Bhog…
- **Respondents:** Anjali Technoplast…

## Timeline

- **2018-01-01 — Case Fil…**: Item No. 119 (IB)-1144(P…
- **2019-02-01 — Order Del…**: The court dismissed the petition as withdrawn with liberty in terms of the prayer made,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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