# In the matter of Manu Electricals Pvt. Ltd. CA.303-ND-2019 in IB-1307-ND-2018

> NCLT judgment dated 2019-09-03. Citation: TCN-2019-NCLT-01622. The case involves an application CA 303/ND/2019 filed under Rule 11 of the National Company Law…

- **Court:** NCLT
- **Order date:** 3 Sept 2019
- **Citation:** TCN-2019-NCLT-01622
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/manu-electricals-pvt-ltd-ca303-nd-2019-in-ib-1307-nd-2018-0ed14821

## Summary

### Background

The case involves an application CA 303/ND/2019 filed under Rule 11 of the National Company Law Tribunal Rules for withdrawal of company application IB-1307/ND/2018 and termination of CIRP. The applicant's counsel stated that the matter was settled for Rs. 81,71,948/-. A deed of settlement executed between the parties on September 1, 2019, was annexed.

## Facts

Ravi Renewable Energy & Lighting India Pvt Ltd filed an application against Manu Electricals Pvt Ltd under Section 9 of the IBC. The matter was settled for a total amount of Rs. 81,71,948. The IRP submitted that the COC was not formed, and the only claim received was from the applicant. The Corporate Debtor's director was present in person. The IRP was present the day before the order. The deed of settlement was executed on September 1, 2019. The applicant sought to withdraw the application IB-1307/ND/2018, which was granted by the court. The IRP was directed to hand over all documents to the Corporate Debtor and was discharged. The CIRP was terminated.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company application IB-1307/ND/2018 and termination …

**Ratio:** When parties reach a settlement, the court may allow the withdrawal of the application

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**Reasoning:** The court considered the statement of the applicant's counsel that the matter was settled

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**Interpretation:** This legal issue involves the interpretation of the Insolvency and Bankruptcy

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**Application:** In this case, the ratio and reasoning were applied to the specific facts where

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## Parties

- **Judges:** DEEPTI M…; HEMANT KUMAR…
- **Appellants:** Ravi Renewable…
- **Respondents:** Manu Electricals…

## Timeline

- **2019-09-01 — Settlement Deed…**: The deed of settlement was duly…
- **2019-09-03 — Order Del…**: The order was delivered…

## 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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