# In the matter of Raymond Limited C.P.(IB)-279(MB)-2021

> NCLT judgment dated 2021-05-13. Citation: TCN-2021-NCLT-02135. The case involves a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. The…

- **Court:** NCLT
- **Order date:** 13 May 2021
- **Citation:** TCN-2021-NCLT-02135
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/raymond-limited-cpib-279mb-2021-96aa10d6

## Summary

### Background

The case involves a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petitioner sought to withdraw the petition. The counsel for the petitioner submitted that a joint confirmation letter was executed by the parties and a settlement deed was entered into between them, indicating an amicable settlement.

## Facts

Mr. Shavez Mukri, Advocate, appeared for the Petitioner and sought to withdraw the Petition. The Counsel for the Petitioner submitted that there is a joint confirmation letter executed by the parties and a settlement deed entered into between the parties. The counsel further submitted that the matter has been amicably settled between the parties. Based on these submissions, the court dismissed the petition as not pressed. The key fact is the amicable settlement between the parties, leading to the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the petition can be dismissed as not pressed based on the submission of an amicable …

**Ratio:** A petition can be dismissed if the parties have reached an amicable settlement and the

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**Reasoning:** The court accepted the submission of the petitioner's counsel that the parties had

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**Interpretation:** This case demonstrates that courts are willing to dismiss petitions when

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**Application:** In this specific case, the existence of a joint confirmation letter and a

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## Parties

- **Judges:** Chandra Bha…; SUCHITRAKAN…
- **Appellants:** HANSA CUSTOMER…
- **Respondents:** RAYMOND L…

## Timeline

- **2021-05-13 — Order Da…**: Order sheet of the hearing of Mumbai Bench…
- **N/A — Petition Wit…**: Mr. Shavez Mukri, Advocate, appeared for the Counsel for the Petitioner and seeks to…

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