# In the matter of Sapphier Equites Pvt. Ltd. > NCLT judgment dated 2019-10-18. Citation: TCN-2019-NCLT-00914. The case pertains to CA(IB) No. 1369/KB/2019, an application filed under Rule 11 of the NCLT… - **Court:** NCLT - **Order date:** 18 Oct 2019 - **Citation:** TCN-2019-NCLT-00914 - **Category:** IBC - **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sapphier-equites-pvt-ltd-b09ae5a5 ## Summary ### Background The case pertains to CA(IB) No. 1369/KB/2019, an application filed under Rule 11 of the NCLT Rules, 2016, seeking to record a settlement and obtain permission to withdraw the Corporate Petition (CP). ## Facts Gandhar Oil Refinery (India) Ltd. is involved in a case against Sapphier Equities Pvt. Ltd. An application, CA(IB) No. 1369/KB/2019, was filed under Rule 11 of the NCLT Rules, 2016, to record a settlement and withdraw the Corporate Petition (CP). Both parties jointly submitted that the matter had been settled outside the Tribunal. Pankaj Lunawat, the Interim Resolution Professional (IRP), appeared. Ramanuj Ray Chaudhuri, representing the Operational Creditor, also appeared. ## Issues and analysis ### Issue 1: Whether the settlement reached outside the Tribunal justifies the withdrawal of the Corporate … **Ratio:** The legal principle applied here is that if parties to a case reach a settlement outside … **Reasoning:** The Tribunal reasoned that since both parties jointly submitted that the matter was … **Interpretation:** This issue involves the interpretation of the NCLT Rules, specifically Rule 11, … **Application:** In this case, the parties, Gandhar Oil Refinery (India) Ltd. and Sapphier … ## Parties - **Judges:** Jinan…; Harish Chander… - **Respondents:** Sapphier Equities… ## Timeline - **2019-10-18 — Hearing…**: Hearing held on October… --- This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/sapphier-equites-pvt-ltd-b09ae5a5