# In the matter of New Print India Pvt. Ltd. (IB)-1471(PB)-2018

> NCLT judgment dated 2019-02-21. Citation: TCN-2019-NCLT-04736. The case involves M/s. Intec Capital Ltd. as the applicant/petitioner and M/s. New Print India…

- **Court:** NCLT
- **Order date:** 21 Feb 2019
- **Citation:** TCN-2019-NCLT-04736
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/new-print-india-pvt-ltd-ib-1471pb-2018-5f85e5cb

## Summary

### Background

The case involves M/s. Intec Capital Ltd. as the applicant/petitioner and M/s. New Print India Pvt. Ltd. as the respondent. The matter was brought before the National Company Law Tribunal (NCLT) in New Delhi under Section 7 of the Insolvency & Bankruptcy Code, 2016. The learned counsel for the petitioner stated that an amicable settlement had been reached between the parties, and the settlement was duly executed on 2019-02-01. A copy of the settlement was placed on record.

## Facts

M/s. Intec Capital Ltd. filed a petition against M/s. New Print India Pvt. Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. During the proceedings, the petitioner's counsel informed the court that an amicable settlement had been reached between the parties. This settlement was duly executed on 2019-02-01, and a copy was placed on record. Based on this settlement, the petitioner sought to withdraw the petition. The key fact is the amicable settlement, which led to the withdrawal request and subsequent dismissal of the petition.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, can be …

**Ratio:** A petition can be withdrawn if there is an amicable settlement between the parties, and

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**Reasoning:** The court accepted the statement of the petitioner's counsel regarding the amicable

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**Interpretation:** This interpretation suggests that the NCLT recognizes and respects amicable

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**Application:** In this case, the ratio was applied by allowing the withdrawal of the petition

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## Parties

- **Judges:** M. M. K…; DEEPTI M…
- **Appellants:** M/s Intec Capital…
- **Respondents:** M/s. New Print…

## Timeline

- **2019-02-01 — Settlement E…**: Amicable settlement between…
- **2019-02-21 — Order Del…**: The NCLT dismissed 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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