# In the matter of Oren Hydrocarbons Pvt. Ltd.  IBA-1148-2019

> NCLT judgment dated 2019-12-31. Citation: TCN-2019-NCLT-00005. The petitioner sought to withdraw the petition due to a Memorandum of Settlement entered into…

- **Court:** NCLT
- **Order date:** 31 Dec 2019
- **Citation:** TCN-2019-NCLT-00005
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oren-hydrocarbons-pvt-ltd-iba-1148-2019-4acf5596

## Summary

### Background

The petitioner sought to withdraw the petition due to a Memorandum of Settlement entered into between the parties on 2019-12-31. The petitioner reserves the right to approach the tribunal again if the corporate debtor fails to adhere to the terms of the settlement.

## Facts

A Memorandum of Settlement was entered into between the petitioner and the corporate debtor on 2019-12-31. The petitioner sought to withdraw the petition based on this settlement. The petitioner reserved the right to approach the tribunal again if the corporate debtor failed to adhere to the terms of the settlement. The Ld. AR for the Petitioner and the Ld. Counsel for the Corporate Debtor were present.

## Issues and analysis

### Issue 1: Whether the petition should be dismissed as withdrawn given the Memorandum of Settlement between …

**Ratio:** A petition can be dismissed as withdrawn if the parties have entered into a settlement

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**Reasoning:** The court considered the representation made by the petitioner's AR and Rule 8 of I&B

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**Interpretation:** This interpretation allows parties to resolve disputes outside of formal

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**Application:** The court applied this principle by dismissing the petition as withdrawn, as

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## Parties

- **Judges:** SHRIR VARAD…; SHRI. ANIL…
- **Appellants:** ARHAM PETROCHEM…
- **Respondents:** Oren Hydrocarbons…

## Timeline

- **2019-12-31 — Memorandum of S…**: A Memorandum of Settlement was…
- **2019-12-31 — Petition Wit…**: The Petitioner seeks to…

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