# In the matter of Sapphire Equities Pvt. Ltd. CA(IB)No. 1369-KB-2019 in C.P. (IB) No. 105-KB-2018

> NCLT judgment dated 2019-10-18. Citation: TCN-2019-NCLT-00927. 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-00927
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sapphire-equities-pvt-ltd-caibno-1369-kb-2019-in-cp-ib-no-105-kb-2018-ef02510e

## 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 withdraw the Corporate Petition (CP). The matter was jointly submitted to be settled out of the Tribunal.

## Facts

Gandhar Oil Refinery (India) Ltd. is the company involved in the case against Sapphier Equities Pvt. Ltd. CA(IB) No. 1369/KB/2019 was filed under Rule 11 of the NCLT Rules, 2016, seeking to record a settlement and withdraw the CP. The parties jointly submitted that the matter was settled out of the Tribunal, leading to the court granting permission for withdrawal.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Petition (CP) based on a settlement reached …

**Ratio:** The legal principle applied is that if parties reach a settlement outside the Tribunal,

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**Reasoning:** The court reasoned that since the parties jointly submitted that the matter was settled

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**Interpretation:** This interpretation acknowledges the Tribunal's power to permit withdrawal of a

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**Application:** In this specific case, the court applied the principle by granting permission

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Respondents:** Gandhar Oil…; Sapphier Equities…

## Timeline

- **2019-10-18 — Hearing…**: Hearing held on October…

## 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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