# In the matter of Midas Infra Trade Ltd. IB-311-ND-2019

> NCLT judgment dated 2019-12-02. Citation: TCN-2019-NCLT-00379. The case pertains to an application filed under Section 60(5) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 Dec 2019
- **Citation:** TCN-2019-NCLT-00379
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/midas-infra-trade-ltd-ib-311-nd-2019-3e363da9

## Summary

### Background

The case pertains to an application filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016 read with Rule 11 of the NCLT Rules, 2016, seeking withdrawal of the application and recording the settlement between the parties. The application was placed before the Tribunal, and it was noted that the application had been moved in the Registry but had not yet reached the Tribunal. The diary number of the application is 0710102156852019 dated 2019-11-29.

## Facts

M/s. Hariprasad Gopikrishna Jewellers Pvt. Ltd. filed a petition against M/s. Midas Infra Trade Ltd. under Section 9 of the IBC. An application was filed under Section 60(5) of IBC, 2016 read with Rule 11 of NCLT Rules 2016 for withdrawal of the application and recording the settlement between the parties. The IRP reported that the COC had not yet been constituted. The parties submitted that the matter had been amicably resolved. The application contained Diary No. 0710102156852019 dated 2019-11-29. The relevance of the IRP's report and the parties' submissions is that they formed the basis for the Tribunal's decision to allow the withdrawal of the application.

## Issues and analysis

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

**Ratio:** The Tribunal has the power to allow the withdrawal of an application under the IBC if the

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**Reasoning:** The Tribunal considered the submissions made by the IRP and the parties, noting that the

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**Interpretation:** This interpretation acknowledges the Tribunal's discretion to facilitate

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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:** SHRI. P.S.N.…; V.K. SUB…
- **Appellants:** M/s. Hariprasad…
- **Respondents:** M/s. Midas Infra…

## Timeline

- **2019-11-29 — Application…**: Application filed with…
- **2019-12-02 — Order Del…**: Order delivered allowing 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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