# In the matter of Premier Cosmetics Ltd. C.P. (IB) No. 487-9-NCLT-AHM-2019

> NCLT judgment dated 2021-02-24. Citation: TCN-2021-NCLT-02923. The case involves Ami Trading Company V/s Premier Cosmetics Ltd before the National Company Law…

- **Court:** NCLT
- **Order date:** 24 Feb 2021
- **Citation:** TCN-2021-NCLT-02923
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/premier-cosmetics-ltd-cp-ib-no-487-9-nclt-ahm-2019-0c2a5bbc

## Summary

### Background

The case involves Ami Trading Company V/s Premier Cosmetics Ltd before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The matter was heard through video conferencing. The Operational Creditor and the Corporate Debtor were represented by their respective counsels.

## Facts

The case involves Ami Trading Company and Premier Cosmetics Ltd. The Operational Creditor and the Corporate Debtor were represented by their respective counsels. The Learned Counsel for the Operational Creditor stated that the matter has been settled between the parties, and the Learned Counsel for the Corporate Debtor conceded to this fact. As a result, the application was dismissed and disposed of with a liberty to revive the same if the settlement fails. The application was dismissed and disposed of as withdrawn.

## Issues and analysis

### Issue 1: Whether the application should be dismissed and disposed of due to the settlement between the …

**Ratio:** When parties reach a settlement, the court may dismiss the application, especially if

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**Reasoning:** The court dismissed the application because the Learned Counsel for the Operational

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**Interpretation:** This reflects the principle that courts generally encourage settlements and

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**Application:** In this case, the court applied the principle by dismissing the application

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## Parties

- **Judges:** Manorama…; Virendra Kumar…
- **Appellants:** Ami Trading…
- **Respondents:** Premier Cosmetics…

## Timeline

- **2021-02-24 — Hearing…**: The hearing took place through video conferencing before the Ahmedabad Bench of the…
- **N/A — Settlement Ag…**: The Operational Creditor's counsel stated that the matter has been settled between the…

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