# In the matter of Ishan Castings Pvt. Ltd. CP(IB)-1399(MB)-2020

> NCLT judgment dated 2021-07-06. Citation: TCN-2021-NCLT-01841. The case pertains to an application under Section 9 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 6 Jul 2021
- **Citation:** TCN-2021-NCLT-01841
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ishan-castings-pvt-ltd-cpib-1399mb-2020-59f95086

## Summary

### Background

The case pertains to an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The hearing was convened through video conference. The counsel for the petitioner, Ms. Sahana Manjesh, was present. There was no representation on behalf of the corporate debtor.

## Facts

Chawla Silica Sand Trading Co filed a petition against Ishan Castings Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the hearing held on July 6, 2021, the petitioner's counsel, Ms. Sahana Manjesh, informed the court that the matter had been amicably settled between the parties. Consequently, the court dismissed the petition as it was not pressed by the petitioner.

## Issues and analysis

### Issue 1: Whether the petition filed by Chawla Silica Sand Trading Co against Ishan Castings Pvt. Ltd. should …

**Ratio:** When parties to a legal dispute reach an amicable settlement, the court may dismiss the

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**Reasoning:** The court accepted the submission of the petitioner's counsel that the matter had been

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

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**Application:** In this case, the petitioner's counsel informed the court of the amicable

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## Parties

- **Judges:** RAJESH S…; SUCHITRAKAN…
- **Appellants:** Chawla Silica…
- **Respondents:** Ishan Castings…

## Timeline

- **2021-07-06 — Hearing…**: Hearing held where the petitioner's counsel submitted that the matter had been amicably…

## 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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