# In the matter of Parsvanath Landmarks Developers Private Limited Company Petition No. (IB)-1503 PB)-2019

> NCLT judgment dated 2020-01-02. Citation: TCN-2020-NCLT-02562. Company Petition No. (IB)-1503 (PB)/2019 was filed by Godrej and Boyce Manufacturing Company…

- **Court:** NCLT
- **Order date:** 2 Jan 2020
- **Citation:** TCN-2020-NCLT-02562
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parsvanath-landmarks-developers-private-limited-company-petition-no-ib-1503-pb-2-8cf693c4

## Summary

### Background

Company Petition No. (IB)-1503 (PB)/2019 was filed by Godrej and Boyce Manufacturing Company Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against Parsvnath Landmark Developers Private Limited. The petitioner, Godrej and Boyce Manufacturing Company Limited, subsequently filed CA-1970 (PB) /2019 for withdrawal of the petition.

## Facts

Godrej and Boyce Manufacturing Company Limited, the operational creditor, filed Company Petition No. (IB)-1503 (PB)/2019 under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Parsvnath Landmark Developers Private Limited, the corporate debtor. Subsequently, Godrej and Boyce Manufacturing Company Limited filed CA-1970 (PB) /2019 seeking to withdraw the petition, citing an amicable settlement between the parties. The NCLT considered this settlement as a valid reason for withdrawal.

## Issues and analysis

### Issue 1: Whether the petitioner's request for withdrawal of the Company Petition No. (IB)-1503 (PB)/2019 …

**Ratio:** When parties mutually settle a dispute, the court may allow the withdrawal of a petition,

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**Reasoning:** The court reasoned that since the parties had amicably settled the matter in its

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**Interpretation:** This interpretation suggests that the court prioritizes and encourages amicable

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**Application:** In this case, the court applied the principle by allowing the withdrawal of the

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## Parties

- **Judges:** CHIEF JUSTICE…; S. K. MOH…
- **Appellants:** Godrej & Boyce…
- **Respondents:** Parsvnath…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition No. (IB)-1503 (PB)/2019 filed by Godrej and Boyce Manufacturing Company…
- **2019-01-01 — Withdrawal Application…**: CA-1970 (PB) /2019 filed by the petitioner for withdrawal of the petition due to an…

## 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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