# In the matter of Peel Asia Trading Private Limited C.P. (IB) No. 152-BB-2018

> NCLT judgment dated 2019-07-31. Citation: TCN-2019-NCLT-02171. The case involves M/s. Formica Laminates (India) Private Limited, the Operational…

- **Court:** NCLT
- **Order date:** 31 Jul 2019
- **Citation:** TCN-2019-NCLT-02171
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/peel-asia-trading-private-limited-cp-ib-no-152-bb-2018-6773247c

## Summary

### Background

The case involves M/s. Formica Laminates (India) Private Limited, the Operational Creditor/Petitioner, filing C.P. (IB) No.152/BB/2018 under Section 9 of the IBC, 2016, R/w Rule 6 of the I&B(AAA) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Peel Asia Trading Private Limited, the Corporate Debtor/Respondent. The basis for the petition was the Corporate Debtor's alleged default of Rs. 1,24,03,689/- (principal) and Rs. 68,67,940/- (interest).

## Facts

M/s. Formica Laminates (India) Private Limited, the Operational Creditor, filed C.P. (IB) No.152/BB/2018 under Section 9 of the IBC, 2016, against M/s. Peel Asia Trading Private Limited, the Corporate Debtor. The petition was based on a default of Rs. 1,24,03,689/- (principal) and Rs. 68,67,940/- (interest). The case was listed for admission on various dates and adjourned multiple times. The Petitioner sought to withdraw the petition with the liberty to file a fresh petition, citing settlement of issues and urgency. A Memo of Withdrawal dated 30.07.2019 was filed. The Tribunal allowed the withdrawal with liberty to file a fresh petition.

## Issues and analysis

### Issue 1: Whether the Tribunal should permit the petitioner to withdraw the instant petition with liberty to …

**Ratio:** The Tribunal has the discretion to allow the withdrawal of a petition, especially when

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**Reasoning:** The Tribunal noted that the parties had settled the issues and the case was not yet

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**Interpretation:** This reflects the Tribunal's willingness to facilitate settlements between

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**Application:** Given the settlement between the parties and the fact that the case was not yet

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s.Formica…
- **Respondents:** M/s. Peel Asia…

## Timeline

- **2018-08-29 — Case Listed for…**: The case was listed for…
- **2018-10-03 — Case Listed for…**: The case was listed for…

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