# In the matter of Q-Railing India Pvt. Ltd. C.P.(IB)-3446(MB)-2019

> NCLT judgment dated 2021-04-06. Citation: TCN-2021-NCLT-02464. The matter was taken up through Virtual Hearing. The Petitioner filed a memo of withdrawal…

- **Court:** NCLT
- **Order date:** 6 Apr 2021
- **Citation:** TCN-2021-NCLT-02464
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/q-railing-india-pvt-ltd-cpib-3446mb-2019-4967bf25

## Summary

### Background

The matter was taken up through Virtual Hearing. The Petitioner filed a memo of withdrawal dated 26.03.2021, indicating that the parties have settled out of Court and the Petitioner has already received Rs. 20,00,000/- towards full and final settlement of the claim.

## Facts

The Petitioner filed a petition, C.P.(IB)-3446(MB)/2019, before the National Company Law Tribunal (NCLT), Mumbai Bench. During the proceedings, the parties reached a settlement out of court. As part of the settlement, the Petitioner received Rs. 20,00,000/- towards full and final settlement of the claim. Consequently, the Petitioner filed a memo of withdrawal dated 26.03.2021, indicating their intention to withdraw the petition. The court accepted the withdrawal memo.

## Issues and analysis

### Issue 1: Whether the petition C.P.(IB)-3446(MB)/2019 can be dismissed as withdrawn based on the settlement …

**Ratio:** Rule 8 of the IBBI (Application to Adjudicating Authority) Rules, 2016 allows for the

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**Reasoning:** The court accepted the petitioner's memo of withdrawal, which indicated that the parties

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**Interpretation:** Rule 8 of the IBBI Rules provides a mechanism for withdrawing a petition when

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**Application:** Since the petitioner filed a memo of withdrawal indicating a settlement and the

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## Parties

- **Judges:** MOHAMMED…; RavikumarDu…
- **Appellants:** Fuso Glass India…
- **Respondents:** Q-Railing India…

## Timeline

- **2021-03-26 — Memo of Withdra…**: The Petitioner filed a memo of withdrawal indicating that the parties have settled out of…
- **2021-04-06 — Order Is…**: The court dismissed…

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