# In the matter of Shivam India Ltd. CP(IB)No. 1672-KB-2018

> NCLT judgment dated 2019-08-07. Citation: TCN-2019-NCLT-02039. The case involves Urja Fabrics Pvt. Ltd. versus Shivam India Ltd. The Financial Creditor's…

- **Court:** NCLT
- **Order date:** 7 Aug 2019
- **Citation:** TCN-2019-NCLT-02039
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shivam-india-ltd-cpibno-1672-kb-2018-f534b90a

## Summary

### Background

The case involves Urja Fabrics Pvt. Ltd. versus Shivam India Ltd. The Financial Creditor's counsel appeared and submitted that the matter is settled between the parties. Consequently, the Financial Creditor seeks liberty to withdraw the matter.

## Facts

The key facts are that Urja Fabrics Pvt. Ltd. and Shivam India Ltd. are the parties involved in the case. The Financial Creditor's counsel appeared and stated that the matter is settled between the parties. As a result, the Financial Creditor requested permission to withdraw the case. The relevance is that the settlement between the parties led to the withdrawal request and the subsequent disposal of the matter by the court.

## Issues and analysis

### Issue 1: Whether the Financial Creditor should be granted liberty to withdraw the matter given the …

**Ratio:** When a matter is settled between the parties, the Financial Creditor has the right to

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**Reasoning:** The court reasoned that since the matter is settled between the parties, granting the

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**Interpretation:** This legal issue involves the interpretation of the rights of a Financial

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**Application:** In this specific case, the Financial Creditor's counsel submitted that the

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Urja Fabrics Pvt.…
- **Respondents:** Shivam Indi…
- **Advocates:** Mirmalye Da…; R.L.…; +2 more

## Timeline

- **2019-08-07 — Hearing…**: Hearing held on 7th…
- **2019-08-07 — Settlement Su…**: Ld. Counsel for the Financial Creditor submitted that the matter is settled between the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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