# In the matter of Seaking Industries LLP C.P. (IB)-3724(MB)-2019

> NCLT judgment dated 2020-02-12. Citation: TCN-2020-NCLT-01998. The case pertains to a Company Petition filed under the Insolvency and Bankruptcy Code, 2016.…

- **Court:** NCLT
- **Order date:** 12 Feb 2020
- **Citation:** TCN-2020-NCLT-01998
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/seaking-industries-llp-cp-ib-3724mb-2019-283bbf51

## Summary

### Background

The case pertains to a Company Petition filed under the Insolvency and Bankruptcy Code, 2016. The Operational Creditor sought to withdraw the petition based on a settlement of the claim between the parties.

## Facts

Sealair Freighter International Pvt. Ltd. filed a Company Petition against Seaking Industries LLP. The Operational Creditor, Sealair Freighter International Pvt. Ltd., sought to withdraw the petition. The reason for the withdrawal was the settlement of the claim between the parties. The counsel for the Operational Creditor circulated a praecipe seeking the withdrawal. The court took the praecipe on record.

## Issues and analysis

### Issue 1: Whether the Company Petition should be dismissed as withdrawn based on the settlement between the …

**Ratio:** A Company Petition can be dismissed as withdrawn if the parties have reached a settlement

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**Reasoning:** The court reasoned that since the Operational Creditor had settled the claim with the

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**Interpretation:** This reflects the principle that parties are free to settle their disputes

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**Application:** In this case, the court applied the ratio by dismissing the Company Petition as

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## Parties

- **Judges:** Rajasekha…; RAJESH S…
- **Appellants:** Sealair Freighter…
- **Respondents:** Seaking Industries…

## Timeline

- **2020-02-12 — Hearing…**: Order sheet of the…
- **N/A — Withdrawal…**: Counsel for the Operational Creditor circulated a praecipe seeking to withdraw the…

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