# In the matter of Owens-Corning (India) Private Ltd. C.P.(IB)-3440(MB)-2019

> NCLT judgment dated 2021-02-03. Citation: TCN-2021-NCLT-03142. The matter pertains to CP(IB)-3440(MB)/2019 before the National Company Law Tribunal, Mumbai…

- **Court:** NCLT
- **Order date:** 3 Feb 2021
- **Citation:** TCN-2021-NCLT-03142
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/owens-corning-india-private-ltd-cpib-3440mb-2019-a880834e

## Summary

### Background

The matter pertains to CP(IB)-3440(MB)/2019 before the National Company Law Tribunal, Mumbai Bench Court-II. The counsels for the petitioner and respondent confirmed a settlement agreement dated 2020-12-30, indicating an amicable resolution outside of court. The petitioner had filed an affidavit for withdrawal dated 2021-01-13, authorized by a Board Resolution dated 2019-07-24.

## Facts

Sterling and Wilson Private Ltd filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Owens-Corning India Private Ltd. The matter was taken up through virtual hearing. The counsels for both parties confirmed a settlement agreement dated 2020-12-30, indicating an amicable resolution outside of court. The petitioner, Sterling and Wilson Private Ltd, filed an affidavit for withdrawal dated 2021-01-13, authorized by a Board Resolution dated 2019-07-24. Owens-Corning India Private Ltd, the Corporate Debtor, paid approximately Rs. 4.13 Crore against a claim of approximately Rs. 4.41 Crore. The petitioner sought permission to withdraw the application CP(IB)3440(MB)/2019, which the court granted.

## Issues and analysis

### Issue 1: Whether the application CP(IB)3440(MB)/2019 should be dismissed as withdrawn given the settlement …

**Ratio:** When parties to a proceeding reach a settlement and the applicant seeks to withdraw the

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**Reasoning:** The court noted the settlement agreement between the parties, the filing of an affidavit

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**Interpretation:** This case interprets the court's power to allow withdrawal of an application

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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:** Harihar Prakash…; Ravikumar…; +1 more
- **Appellants:** Sterling and…
- **Respondents:** Owens-Corning…

## Timeline

- **2019-07-24 — Board Reso…**: Board Resolution of the…
- **2020-12-30 — Settlement Ag…**: Settlement agreement…

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