# In the matter of Mak Medicals Pvt. Ltd. IA-5691-ND-2021 in IB-3154-ND-2019

> NCLT judgment dated 2021-12-17. Citation: TCN-2021-NCLT-00135. The case involves M/s Tuberose Products India Pvt. Ltd. as the applicant and Mak Medicals Pvt.…

- **Court:** NCLT
- **Order date:** 17 Dec 2021
- **Citation:** TCN-2021-NCLT-00135
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mak-medicals-pvt-ltd-ia-5691-nd-2021-in-ib-3154-nd-2019-19f0378c

## Summary

### Background

The case involves M/s Tuberose Products India Pvt. Ltd. as the applicant and Mak Medicals Pvt. Ltd. Ors. as the respondent. The matter pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The applicant sought to withdraw the petition.

## Facts

M/s Tuberose Products India Pvt. Ltd. filed an application against Mak Medicals Pvt. Ltd. Ors. under Section 9 of the IBC. The applicant and respondent reached a settlement, with the applicant stating that all costs, including those related to the IRP, had been paid. The Committee of Creditors (CoC) was not constituted, and only a publication was made. The Operational Creditor and ex-Director were also involved in the settlement. Consequently, the applicant sought to withdraw the petition, which the court allowed, dismissing the petition.

## Issues and analysis

### Issue 1: Whether the application filed on record i.e. …

**Ratio:** When parties reach a settlement and the applicant seeks to withdraw the petition, the

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**Reasoning:** The court considered the joint statement by the Learned Counsel for both parties,

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**Interpretation:** The interpretation is that when a settlement is reached, and the applicant

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**Application:** In this case, the court applied the ratio by allowing the application (IA No.

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## Parties

- **Judges:** DHARMINDER…; AVINASH K.…
- **Appellants:** M/s Tuberose…
- **Respondents:** Mak Medicals Pvt.…

## Timeline

- **2021-12-17 — Order Del…**: Order delivered on 17.12.2021,…

## 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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