# In the matter of Mani Square Ltd. CP(IB)No. 17-KB-2019

> NCLT judgment dated 2019-04-30. Citation: TCN-2019-NCLT-03605. The case pertains to CP(IB) No. 17/KB/2019 before the National Company Law Tribunal, Kolkata…

- **Court:** NCLT
- **Order date:** 30 Apr 2019
- **Citation:** TCN-2019-NCLT-03605
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mani-square-ltd-cpibno-17-kb-2019-be0262db

## Summary

### Background

The case pertains to CP(IB) No. 17/KB/2019 before the National Company Law Tribunal, Kolkata Bench. The matter involves Jayaswal Neco Industries Ltd. versus Mani Square Ltd. The Operational Creditor submitted that the matter was settled out of the Tribunal, and an affidavit was filed at the Registry on 29/04/2019.

## Facts

The case involves Jayaswal Neco Industries Ltd. versus Mani Square Ltd. The Operational Creditor, represented by CS Minu Rohila, submitted that the matter was settled out of the Tribunal. An affidavit confirming the settlement was filed at the Registry on 2019-04-29. The court, upon reviewing the affidavit, acknowledged that the parties had signed the terms of settlement. Consequently, the Operational Creditor requested the withdrawal of the claim. The key fact is the settlement reached outside the Tribunal, leading to the request for withdrawal.

## Issues and analysis

### Issue 1: Whether the request for withdrawal of the claim by the Operational Creditor should be allowed, …

**Ratio:** When parties reach a settlement outside of the tribunal, the operational creditor is

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**Reasoning:** The court reasoned that since the matter was settled out of the Tribunal and the parties

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**Interpretation:** This legal issue concerns the procedure for withdrawing a claim when a

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Jayaswal Neco…
- **Respondents:** Mani Squar…

## Timeline

- **2019-04-30 — Hearing…**: Hearing held on April…
- **2019-04-29 — Affidavit…**: Affidavit filed at the…

## 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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