# In the matter of Santro Tiles Pvt. Ltd. CP(IB) 137-2020

> NCLT judgment dated 2020-08-24. Citation: TCN-2020-NCLT-00791. The case pertains to CP(IB) 137 of 2020 filed before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 24 Aug 2020
- **Citation:** TCN-2020-NCLT-00791
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/santro-tiles-pvt-ltd-cpib-137-2020-71830481

## Summary

### Background

The case pertains to CP(IB) 137 of 2020 filed before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The matter involves Varun Glass & Frit Pvt Ltd V/s Santro Tiles Pvt Ltd. The case was heard through video conferencing.

## Facts

Varun Glass & Frit Pvt Ltd filed a case against Santro Tiles Pvt Ltd under Section 9 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the Operational Creditor, represented by Learned Counsel Ms. Krina Parikh and Mr. Arjun Sheth, stated that the matter had been settled. Consequently, they requested permission to withdraw the application. Learned Counsel Mr. Neel Lakhani appeared for the Corporate Debtor. The NCLT granted permission for withdrawal.

## Issues and analysis

### Issue 1: Whether the Operational Creditor's request for withdrawal of the application should be granted …

**Ratio:** When a matter is settled between the parties, and the Operational Creditor requests

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**Reasoning:** The court accepted the statement of the Operational Creditor that the matter had been

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**Interpretation:** This reflects the principle that courts generally respect settlements reached

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**Application:** In this case, the Operational Creditor stated that the matter was settled. The

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Varun Glass &…
- **Respondents:** Santro Tiles Pvt…

## Timeline

- **2020-08-24 — Hearing…**: The hearing took place through video conferencing before the Ahmedabad Bench of the…

## 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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