# in the matter of Mayur Ply Industries Pvt. Ltd. CP(IB) No. 1310-KB-2018

> NCLT judgment dated 2019-02-08. Citation: TCN-2019-NCLT-04950. The case involves Anadya Properties Pvt. Ltd. versus Mayur Ply Industries Pvt. Ltd. The…

- **Court:** NCLT
- **Order date:** 8 Feb 2019
- **Citation:** TCN-2019-NCLT-04950
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mayur-ply-industries-pvt-ltd-cpib-no-1310-kb-2018-ae4aeea1

## Summary

### Background

The case involves Anadya Properties Pvt. Ltd. versus Mayur Ply Industries Pvt. Ltd. The counsels for both the Financial Creditor and the Corporate Debtor appeared and submitted that the matter has been settled between the parties. The Corporate Debtor's counsel produced a letter dated 04.02.2019 issued by the Financial Creditor confirming receipt of all dues.

## Facts

The case involves a dispute between Anadya Properties Pvt. Ltd. and Mayur Ply Industries Pvt. Ltd. The counsels representing both the Financial Creditor and the Corporate Debtor appeared before the National Company Law Tribunal (NCLT), Kolkata Bench. Both counsels informed the court that the matter had been settled between the parties. The counsel for the Corporate Debtor presented a letter dated February 4, 2019, from the Financial Creditor, confirming that all outstanding dues had been received. Consequently, the Financial Creditor requested permission to withdraw the case. The key fact is the settlement between the parties and the Financial Creditor's confirmation of receiving all dues, which led to the request for withdrawal.

## Issues and analysis

### Issue 1: Whether the Financial Creditor should be granted permission to withdraw the case given the …

**Ratio:** When parties to a legal dispute reach a settlement and the creditor confirms receipt of

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**Reasoning:** The court's reasoning is based on the principle that if the underlying dispute is

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**Interpretation:** This legal issue involves the interpretation of the court's discretionary power

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

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## Parties

- **Judges:** Madan B.…
- **Appellants:** Anadya Properties…
- **Respondents:** Mayur Ply…

## Timeline

- **2019-02-04 — Letter from Financial…**: The Financial Creditor issued a letter confirming receipt of all dues from the Corporate…
- **2019-02-08 — Hearing…**: Hearing held on February 8, 2019, where counsels submitted the settlement 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)

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