# In the matter of Lakshya LIfecare Products Pvt. Ltd. CP (IB) No. 689-7-NCLT-AHM-2019

> NCLT judgment dated 2020-08-11. Citation: TCN-2020-NCLT-00864. The case pertains to CP (IB) No.689/7/NCLT/AHM/2019 before the Ahmedabad Bench of the National…

- **Court:** NCLT
- **Order date:** 11 Aug 2020
- **Citation:** TCN-2020-NCLT-00864
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lakshya-lifecare-products-pvt-ltd-cp-ib-no-689-7-nclt-ahm-2019-72278f9e

## Summary

### Background

The case pertains to CP (IB) No.689/7/NCLT/AHM/2019 before the Ahmedabad Bench of the National Company Law Tribunal. The hearing was conducted through video conferencing. The matter involves Shri Chintan Nayyar V/s Lakshya Lifecare Products Pvt Ltd. The application was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016.

## Facts

The case involves Shri Chintan Nayyar V/s Lakshya Lifecare Products Pvt Ltd, with proceedings under Section 7 of the Insolvency & Bankruptcy Code, 2016. Counsel for the Financial Creditor, Ms. Karina P on behalf of Mr. Arjun Sheth, and Counsel for the Corporate Debtor, Mr. Monaal J Davawala, both stated that the matter has been settled. Following this, the Financial Creditor filed a withdrawal purshish, leading to the NCLT granting permission for withdrawal and disposal of the proceeding. The key fact is the settlement between the parties, leading to the withdrawal of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the permission for withdrawal of the insolvency proceeding should be granted based on the …

**Ratio:** The legal principle applied is that if the parties involved in an insolvency proceeding

…

**Reasoning:** The court reasoned that since both the Financial Creditor and the Corporate Debtor,

…

**Interpretation:** This interpretation acknowledges the importance of amicable settlements in

…

**Application:** In this specific case, the court applied the principle by granting permission

…

## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Chintan N…
- **Respondents:** Lakshya Lifecare…

## Timeline

- **2020-08-11 — Order Da…**: The NCLT granted permission for withdrawal of the insolvency proceeding, and 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)

---

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/lakshya-lifecare-products-pvt-ltd-cp-ib-no-689-7-nclt-ahm-2019-72278f9e