# In the matter of Shipra Engineering Works Pvt. Ltd. (IB)-1229(ND)2019

> NCLT judgment dated 2019-07-03. Citation: TCN-2019-NCLT-02699. The case pertains to an application under Section 9 of the IBC (Insolvency and Bankruptcy Code)…

- **Court:** NCLT
- **Order date:** 3 Jul 2019
- **Citation:** TCN-2019-NCLT-02699
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shipra-engineering-works-pvt-ltd-ib-1229nd2019-c514cf1b

## Summary

### Background

The case pertains to an application under Section 9 of the IBC (Insolvency and Bankruptcy Code) filed by M/s Avon Containers Pvt Ltd against M/s Shipra Engineering Works Pvt Ltd. The applicant sought initiation of the corporate insolvency resolution process against the respondent.

## Facts

M/s Avon Containers Pvt Ltd, the applicant, filed an application under Section 9 of the IBC against M/s Shipra Engineering Works Pvt Ltd, the respondent. The applicant's counsel, Mr. Bhaskar, stated that the parties have settled the matter, and the applicant has received the claim amount. Consequently, the applicant was instructed to withdraw the application. This settlement led to the disposal of the case.

## Issues and analysis

### Issue 1: Whether the application IB-1229/ND/2019 should be allowed to be withdrawn based on the settlement …

**Ratio:** The principle of allowing withdrawal of an application when parties have settled the

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**Reasoning:** The court accepted the statement of the applicant's counsel that the parties had settled

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**Interpretation:** The interpretation is that when a settlement is reached between the parties in

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**Application:** In this specific case, the applicant's counsel stated that the parties had

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## Parties

- **Judges:** DEEPTI M…; Pradeep R.…
- **Appellants:** M/s Avon Container…
- **Respondents:** M/s Shipra…

## Timeline

- **2019-07-03 — Order Del…**: Order delivered by the NCLT allowing…

## 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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