# In the matter of Starbit Oilfiekds Services India Ltd. C.P.(IB)-3463(MB-2019

> NCLT judgment dated 2020-01-06. Citation: TCN-2020-NCLT-02501. The case pertains to C.P.(IB)-3463(MB)/2019 filed under Section 9 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 6 Jan 2020
- **Citation:** TCN-2020-NCLT-02501
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/starbit-oilfiekds-services-india-ltd-cpib-3463mb-2019-ab61eb46

## Summary

### Background

The case pertains to C.P.(IB)-3463(MB)/2019 filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. Both parties presented themselves before the Mumbai bench of the National Company Law Tribunal.

## Facts

The case involves Diversified Drilling & Industrial Equipment Trading FZE as the petitioner and Starbit Oilfiekds Services India Ltd. as the respondent. The petition, C.P.(IB)-3463(MB)/2019, was filed under Section 9 of the Insolvency & Bankruptcy Code, 2016. Both parties appeared before the Mumbai bench of the National Company Law Tribunal and submitted that they had amicably settled the matter, filing consent terms. The petitioner's counsel then requested the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the petition should be dismissed based on the amicable settlement between the parties and …

**Ratio:** When parties to a legal proceeding reach an amicable settlement and file consent terms,

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**Reasoning:** The court reasoned that since both parties submitted that they had amicably settled the

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**Interpretation:** This legal issue involves the interpretation of the court's power to dispose of

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**Application:** In this specific case, the ratio and reasoning were applied to the facts that

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## Parties

- **Judges:** SUCHITRA KANUPARTH…; V. Nallasen…; +1 more
- **Appellants:** Diversified…
- **Respondents:** Starbit Oilfiekds…

## Timeline

- **2020-01-06 — Hearing…**: Hearing of Mumbai Bench of the…

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