# In the matter of Inox FMCG Pvt. Ltd. (CA No. 462-2019) in IB-687-ND-2019

> NCLT judgment dated 2019-07-22. Citation: TCN-2019-NCLT-02393. The case involves Alyanaa Ventures (P) Ltd as the petitioner and Inox FMCG (P) Ltd as the…

- **Court:** NCLT
- **Order date:** 22 Jul 2019
- **Citation:** TCN-2019-NCLT-02393
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/inox-fmcg-pvt-ltd-ca-no-462-2019-in-ib-687-nd-2019-1802a46d

## Summary

### Background

The case involves Alyanaa Ventures (P) Ltd as the petitioner and Inox FMCG (P) Ltd as the respondent. The petition was filed under Section 9 of the IBC, 2016. The parties reached a settlement after the initiation of the Corporate Insolvency Resolution Process (CIRP) and sought withdrawal of the petition.

## Facts

Alyanaa Ventures (P) Ltd filed a petition against Inox FMCG (P) Ltd under Section 9 of the IBC, 2016. After the initiation of the Corporate Insolvency Resolution Process (CIRP), the parties reached a settlement and sought to withdraw the petition. The IRP appointed by the Tribunal represented that paper publication had been made, but no claims were received, and the COC had not been constituted. The Tribunal considered the settlement, the IRP's representation, and the Supreme Court's judgment in M/s. Swiss Ribbon (P) Limited vs. Union of India & Ors. The Corporate Debtor undertook to pay the IRP's fees and expenses.

## Issues and analysis

### Issue 1: Whether the Tribunal can allow the withdrawal of the petition based on the settlement between the …

**Ratio:** The Tribunal can allow the withdrawal of the petition based on the settlement between the

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**Reasoning:** The Tribunal considered the settlement between the parties, the representation of the

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**Interpretation:** The settlement between the parties is a valid ground for withdrawing the

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**Application:** In this case, the parties reached a settlement after the initiation of CIRP,

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## Parties

- **Judges:** Sh.R. Varad…
- **Appellants:** Alyanaa Ventures…
- **Respondents:** Inox FMCG (…

## Timeline

- **2019-07-22 — Order Del…**: Order delivered on…
- **N/A — Petition…**: Alyanaa Ventures (P) Ltd filed a petition against Inox FMCG (P) Ltd under Section 9 of…

## 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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