# In the matter of Megha Granuels Pvt. Ltd. CP(IB) No. 33-GB-2019

> NCLT judgment dated 2019-11-29. Citation: TCN-2019-NCLT-00384. The case pertains to a company petition filed under Section 9 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 29 Nov 2019
- **Citation:** TCN-2019-NCLT-00384
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/megha-granuels-pvt-ltd-cpib-no-33-gb-2019-15dcf0c9

## Summary

### Background

The case pertains to a company petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. The applicant, Prakash Parcel Services Pvt. Ltd., sought initiation of corporate insolvency resolution process against the respondent, Megha Granuels Pvt. Ltd. The applicant filed IA No.84 of 2019 seeking withdrawal of the main company petition based on a settlement reached between the parties.

## Facts

Prakash Parcel Services Pvt. Ltd. (Operational Creditor/Applicant) filed a company petition against Megha Granuels Pvt. Ltd. (Corporate Debtor/Respondent) under Section 9 of the Insolvency & Bankruptcy Code, 2016. Subsequently, the parties reached a settlement, and the Operational Creditor received the settlement amount through post-dated cheques issued by the Corporate Debtor. The Operational Creditor then filed IA No.84 of 2019 seeking withdrawal of the main company petition. The main company petition had not yet been admitted. The settlement and the receipt of post-dated cheques are key facts that led to the withdrawal application.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main company petition should be allowed based on the …

**Ratio:** A company petition can be withdrawn if the parties have reached a settlement and there is

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**Reasoning:** The court reasoned that since the main company petition had not been admitted and the

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**Interpretation:** This case interprets the provisions of the Insolvency & Bankruptcy Code,

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

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## Parties

- **Judges:** Hari Venkata…
- **Appellants:** Prakash Parcel…
- **Respondents:** Megha Granuels…

## Timeline

- **2019-11-29 — Order Del…**: Order delivered on the application for…

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