# In the matter of Jinaams Dress Pvt. Ltd. C.P. (IB) No. 119-9-NCLT-AHM-2019

> NCLT judgment dated 2019-08-23. Citation: TCN-2019-NCLT-01808. The case pertains to CP(IB) No. 119/9/NCLT/AHM/2019 before the Ahmedabad Bench of the National…

- **Court:** NCLT
- **Order date:** 23 Aug 2019
- **Citation:** TCN-2019-NCLT-01808
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jinaams-dress-pvt-ltd-cp-ib-no-119-9-nclt-ahm-2019-a264576b

## Summary

### Background

The case pertains to CP(IB) No. 119/9/NCLT/AHM/2019 before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). The Operational Creditor/Petitioner filed an IB petition under Section 9 of the Insolvency and Bankruptcy Code. The petitioner sought to withdraw the IB petition.

## Facts

The Operational Creditor/Petitioner, PAVAN S GODIAWALA, initiated an insolvency proceeding against Alaukik Innovations Pvt. Ltd. under Section 9 of the Insolvency and Bankruptcy Code. The Petitioner received Rs. 35,00,000/- as full and final settlement of its debt. Consequently, the Petitioner sought to withdraw the IB petition. The Learned Counsel of the Petitioner filed pursis with a request to withdraw the IB petition, in view of matter is settled out of Court.

## Issues and analysis

### Issue 1: Whether the IB petition can be withdrawn based on the settlement between the Operational …

**Ratio:** A petition can be withdrawn if the parties have settled the matter out of court and no

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**Reasoning:** The court accepted the petitioner's submission that the matter had been fully and finally

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**Interpretation:** This interpretation allows for the withdrawal of insolvency petitions when a

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**Application:** In this case, the Operational Creditor/Petitioner received the full and final

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Pavan S. Go…
- **Respondents:** Alaukik Innovation…; Jinaams Dress…

## Timeline

- **2019-08-23 — Order Da…**: The Ahmedabad Bench of the National Company Law Tribunal (NCLT) passed an order…

## 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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