# In the matter of Jewel Overseas Pvt. Ltd. (IB)-304(PB)-2018

> NCLT judgment dated 2019-02-08. Citation: TCN-2019-NCLT-04946. The case involves Oriental Bank of Commerce as the applicant/petitioner and Jewel Overseas Pvt.…

- **Court:** NCLT
- **Order date:** 8 Feb 2019
- **Citation:** TCN-2019-NCLT-04946
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jewel-overseas-pvt-ltd-ib-304pb-2018-e844cb36

## Summary

### Background

The case involves Oriental Bank of Commerce as the applicant/petitioner and Jewel Overseas Pvt. 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, 2016.

## Facts

Oriental Bank of Commerce filed a petition against Jewel Overseas Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. During the proceedings, the counsel for Oriental Bank of Commerce stated that the matter had been settled amicably between the parties. The court then dismissed the case as withdrawn, but with the liberty for the petitioner to file a fresh petition if the terms of the settlement are not complied with. This indicates that the parties reached an agreement outside of the formal insolvency process, leading to the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 can be …

**Ratio:** A petition can be dismissed as withdrawn if the parties involved reach an amicable

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**Reasoning:** The court reasoned that since the parties had settled the matter amicably, it was

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**Interpretation:** This interpretation allows for flexibility in insolvency proceedings,

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

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## Parties

- **Judges:** M. M. K…; Pradeep R.…
- **Appellants:** Oriental Bank of…
- **Respondents:** Jewel Overseas…

## Timeline

- **2018-01-01 — Petition…**: Oriental Bank of Commerce filed a petition against Jewel Overseas Pvt. Ltd. under Item…
- **2019-02-08 — Order Del…**: The NCLT dismissed the petition as withdrawn with liberty to file a fresh petition if the…

## 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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