# In the matter of Shivalik Cotsyn Pvt. Ltd. CP No. (IB) 491-ALD-2019

> NCLT judgment dated 2021-07-08. Citation: TCN-2021-NCLT-01812. The matter pertains to CP (IB) 491/ALD/2019, heard by the National Company Law Tribunal,…

- **Court:** NCLT
- **Order date:** 8 Jul 2021
- **Citation:** TCN-2021-NCLT-01812
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shivalik-cotsyn-pvt-ltd-cp-no-ib-491-ald-2019-09fef358

## Summary

### Background

The matter pertains to CP (IB) 491/ALD/2019, heard by the National Company Law Tribunal, Allahabad Bench, on July 8, 2021, via video conferencing. The petitioner sought to withdraw the petition filed under Section 9 of the IBC, stating that a settlement had been reached.

## Facts

The National Company Law Tribunal, Allahabad Bench, heard CP (IB) 491/ALD/2019 via video conferencing on July 8, 2021. The petitioner, represented by Sh. Varun Singh, sought to withdraw the petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The petitioner's counsel stated that a settlement had been reached, and the petitioner had instructions to withdraw the petition. Sh. Anuj Kumar represented the respondent. The court considered the submission and dismissed the petition as withdrawn, with no order as to costs. The case involves M/S RPG Industrial Product Pvt Ltd V/S M/S Shivalik Cotsyn Pvt Ltd.

## Issues and analysis

### Issue 1: Whether the petitioner should be allowed to withdraw the petition filed under Section 9 of the IBC …

**Ratio:** A petitioner may be allowed to withdraw a petition if a settlement has been reached and

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**Reasoning:** The court reasoned that since a settlement had been reached, keeping the proceedings

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**Interpretation:** This interpretation allows for the efficient resolution of disputes through

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**Application:** In this case, the court applied the ratio by allowing the petitioner to

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** M/S RPG INDUSTRIAL…
- **Respondents:** M/S SHIVALIK…

## Timeline

- **2021-07-08 — Hearing…**: The National Company Law Tribunal, Allahabad Bench, heard the matter via video…
- **2021-07-08 — Order Da…**: The court dismissed 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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