# In the matter of Jagadamba Industries Ltd. CP(IB)No. 148-KB-2019

> NCLT judgment dated 2019-03-18. Citation: TCN-2019-NCLT-04400. The case involves Anand Oil Company versus Jagadamba Industries Ltd. The matter was listed…

- **Court:** NCLT
- **Order date:** 18 Mar 2019
- **Citation:** TCN-2019-NCLT-04400
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jagadamba-industries-ltd-cpibno-148-kb-2019-4c1f83a7

## Summary

### Background

The case involves Anand Oil Company versus Jagadamba Industries Ltd. The matter was listed before the National Company Law Tribunal (NCLT), Kolkata Bench. The counsel for the Operational Creditor appeared and submitted that the matter was settled out of the Tribunal.

## Facts

The key facts are that Anand Oil Company initiated a Corporate Insolvency Resolution Process (CIRP) against Jagadamba Industries Ltd. under Section 9 of the IBC. However, the matter was settled out of the Tribunal. The counsel for the Operational Creditor appeared before the NCLT, Kolkata Bench, and submitted that a settlement had been reached. Based on this submission, the counsel sought permission to withdraw the matter. The Tribunal granted permission, and the Company Petition was withdrawn and disposed of.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant permission to withdraw the Company Petition (CP) after the matter …

**Ratio:** The legal principle applied here is that if parties to a dispute, particularly in

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**Reasoning:** The court's reasoning is based on the submission by the counsel for the Operational

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**Interpretation:** The interpretation is that the IBC aims to facilitate resolution of insolvency

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**Application:** In this specific case, the counsel's submission serves as evidence of the

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## Parties

- **Judges:** Jinan…
- **Appellants:** Anand Oil C…
- **Respondents:** Jagadamba…

## Timeline

- **2019-03-18 — Hearing…**: Hearing held on March 18, 2019, at 10:30 A.M. The counsel for the Operational Creditor…
- **N/A — Order…**: The Tribunal granted permission to withdraw the matter, and the CP was withdrawn and…

## 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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