# In the matter of Khatema Fibres Ltd. CA No. 113 & 119-2019 In CP No. (IB)14-ALD-2019

> NCLT judgment dated 2019-05-06. Citation: TCN-2019-NCLT-03443. The case involves an application filed under Section 60(5) seeking withdrawal of the present…

- **Court:** NCLT
- **Order date:** 6 May 2019
- **Citation:** TCN-2019-NCLT-03443
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/khatema-fibres-ltd-ca-no-113-119-2019-in-cp-no-ib14-ald-2019-6d611ece

## Summary

### Background

The case involves an application filed under Section 60(5) seeking withdrawal of the present application, stating that the matter has been settled out of court. The application is taken on record.

## Facts

The petitioner's counsel filed an application under Section 60(5) seeking withdrawal of the present application, stating that the matter has been settled out of court. The court took the application on record. The present I&B Petition was dismissed as withdrawn as settled out of court. All the pending IA's stand disposed off and this Court's direction or order passed, if any, therein stands merged with the present withdrawal order.

## Issues and analysis

### Issue 1: Whether the I&B Petition can be dismissed based on the petitioner's counsel's application for …

**Ratio:** A petition can be dismissed if the parties have reached a settlement outside of court and

…

**Reasoning:** The court accepted the petitioner's counsel's statement that the matter had been settled

…

**Interpretation:** This interpretation allows for the dismissal of petitions when parties resolve

…

**Application:** In this case, the petitioner's counsel's application for withdrawal, based on

…

## Parties

- **Judges:** Saroj Ra…; Harihar Prakash…
- **Respondents:** Khatema Fib…
- **Advocates:** Gunjan Ja…; Amet…; +2 more

## Timeline

- **2019-05-06 — Hearing…**: Hearing of Allahabad Bench of the…
- **2019-05-06 — Order Da…**: The present I & B Petition is dismissed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/khatema-fibres-ltd-ca-no-113-119-2019-in-cp-no-ib14-ald-2019-6d611ece