# In the matter of Srinisons Wiring Systems Pvt. Ltd. IA-4389-2021 in IB-558-ND-2020

> NCLT judgment dated 2021-09-29. Citation: TCN-2021-NCLT-00960. The applicant filed an application seeking withdrawal of IB-558/ND/2020 based on a settlement…

- **Court:** NCLT
- **Order date:** 29 Sept 2021
- **Citation:** TCN-2021-NCLT-00960
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/srinisons-wiring-systems-pvt-ltd-ia-4389-2021-in-ib-558-nd-2020-a76c06b2

## Summary

### Background

The applicant filed an application seeking withdrawal of IB-558/ND/2020 based on a settlement reached between the parties. The counsel for the petitioner stated that notice had not yet been issued, and the matter has been settled.

## Facts

M/s National Products filed an application to withdraw IB-558/ND/2020 due to a settlement with M/s Srinisons Wiring Systems pvt ltd. The counsel for the petitioner informed the court that notice had not been issued yet, and the matter was settled between the parties. The court considered these submissions and permitted the withdrawal of Company Petition No. IB-558/ND/2020. Consequently, Company Petition No. IB-1831/ND/2019 was dismissed as withdrawn, and the application IA/4389/2021 was disposed of.

## Issues and analysis

### Issue 1: Whether the applicant should be permitted to withdraw the Company Petition No. IB-558/ND/2020 based …

**Ratio:** When parties reach a settlement, the court may allow the withdrawal of the petition,

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**Reasoning:** The court considered the submissions of the counsel for the petitioner, who stated that a

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**Interpretation:** This case interprets the principle that settlements between parties are

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**Application:** The ratio was applied to the facts of the case, where the applicant sought to

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** M/s National…
- **Respondents:** M/s Srinisons…

## Timeline

- **N/A — Application for…**: The applicant filed an application for…
- **2021-09-29 — Order Del…**: The court delivered an order permitting the withdrawal of the Company Petition No.…

## 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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