# 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-03446. The petitioner counsel filed an application under Section 60(5) seeking withdrawal of the…

- **Court:** NCLT
- **Order date:** 6 May 2019
- **Citation:** TCN-2019-NCLT-03446
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/khatema-fibres-ltd-ca-no-113-119-2019-in-cp-no-ib14-ald-2019-74936848

## Summary

### Background

The petitioner 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 application is taken on record.

## Facts

ICICI Bank Ltd filed a case against Khatema Fibres Ltd. The petitioner counsel filed an application under Section 60(5) seeking withdrawal of the present application stating that the matter has been settled out of the Court. The application was taken on record. Consequently, the present I & B Petition is dismissed as withdrawn as settled out of Court.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 application for withdrawal of the I&B petition should be allowed based on the …

**Ratio:** The court has the discretion to allow the withdrawal of a petition if the parties have

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**Reasoning:** The petitioner counsel filed an application under Section 60(5) seeking withdrawal of the

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**Interpretation:** Section 60(5) allows for the withdrawal of applications under certain

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**Application:** The court applied this principle by allowing the withdrawal of the I&B

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## Parties

- **Judges:** Saroj Ra…; Harihar Prakash…
- **Appellants:** ICICI Ban…
- **Respondents:** M/s Khatema…

## Timeline

- **2019-05-06 — Hearing…**: Hearing of Allahabad Bench of the…
- **2019-05-06 — Order Da…**: The present I & B Petition is dismissed as withdrawn as settled out of Court.…

## 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)

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