# In the matter of Spicejet Ltd.

> NCLT judgment dated 2021-11-30. Citation: TCN-2021-NCLT-00327. The applicant filed an application to withdraw the present company petition bearing no.…

- **Court:** NCLT
- **Order date:** 30 Nov 2021
- **Citation:** TCN-2021-NCLT-00327
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/spicejet-ltd-6c014574

## Summary

### Background

The applicant filed an application to withdraw the present company petition bearing no. IB-190/ND/2021. The applicant also requested to stand over the company petition for three months to ensure compliance with the settlement agreement, permit withdrawal subject to timely compliance of payment obligations by the respondent, and grant liberty to the applicant to revive the petition in case of default in payments. The applicant's counsel initially wished to press prayers for standing over the petition and reviving it in case of default, but later opted to pursue only the withdrawal of the application.

## Facts

SKY Gourment Catering Pvt. Ltd. filed a company petition against Spicejet Ltd. under Section 9 of the IBC. The applicant then sought to withdraw the petition, citing a settlement agreement dated 2021-11-10. The applicant initially sought a stay of the proceedings and the ability to revive the petition if the settlement failed, but later focused solely on withdrawing the petition. The court considered the conditional nature of the initial prayers and ultimately permitted the withdrawal, dismissing the petition. The key fact is the existence of a settlement agreement and the applicant's decision to withdraw the petition based on it.

## Issues and analysis

### Issue 1: Whether the applicant should be permitted to withdraw the company petition based on the settlement …

**Ratio:** A party is generally allowed to withdraw a petition, especially when a settlement

…

**Reasoning:** The court reasoned that the applicant had reached a settlement agreement with the

…

**Interpretation:** This legal issue involves the interpretation of the principles of settlement

…

**Application:** The ratio was applied to the specific facts by allowing SKY Gourment Catering

…

## Parties

- **Judges:** ABNI RANJAN KUMAR…; AVINASH K.…
- **Appellants:** SKY Gourment…
- **Respondents:** Spicejet…
- **Advocates:** Shikhil…; Komal G…; +2 more

## Timeline

- **2021-11-10 — Settlement Agreement…**: Settlement Agreement…
- **2021-11-30 — Order Del…**: Order delivered on 30.11.2021, permitting…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/spicejet-ltd-6c014574