# In the matter of Metro Builders Orissa Pvt. Ltd. CP (IB) No. I l2-CTB-2020

> NCLT judgment dated 2021-01-04. Citation: TCN-2021-NCLT-03412. The case pertains to CP (IB) No. 112/CTB/2020 before the National Company Law Tribunal, Cuttack…

- **Court:** NCLT
- **Order date:** 4 Jan 2021
- **Citation:** TCN-2021-NCLT-03412
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/metro-builders-orissa-pvt-ltd-cp-ib-no-i-l2-ctb-2020-53e74f58

## Summary

### Background

The case pertains to CP (IB) No. 112/CTB/2020 before the National Company Law Tribunal, Cuttack Bench. The hearing took place on January 4, 2021. The petitioner sought to withdraw the application as the matter has been settled out of court.

## Facts

The case involves Aquarius Associates -Vs- Metro Builders Orissa Pvt. Ltd. The petitioner, represented by Mr. Gounave Mohanty, stated that the matter has been settled out of court and sought permission to withdraw the application. The application was filed under Section 9 of the IBC. Both parties were present during the hearing.

## Issues and analysis

### Issue 1: Whether the application should be dismissed as settled out of court, given the petitioner's …

**Ratio:** When parties mutually resolve a dispute outside of court and the petitioner seeks to

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**Reasoning:** The tribunal accepted the petitioner's statement that the matter had been settled out of

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**Interpretation:** This reflects the principle that courts generally respect and enforce

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**Application:** In this case, the petitioner's statement, coupled with the absence of any

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## Parties

- **Judges:** Sucharit…; Satya Ranjan…
- **Appellants:** Gounave M…
- **Respondents:** Metro Builders…

## Timeline

- **2021-01-04 — Hearing…**: Hearing held on January…
- **2021-01-04 — Application D…**: Application dismissed as…

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