# In the matter of Sumeet Industries Ltd. CP (IB) 159-2020

> NCLT judgment dated 2020-10-21. Citation: TCN-2020-NCLT-00356. The case pertains to CP(IB) 159 of 2020 before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 21 Oct 2020
- **Citation:** TCN-2020-NCLT-00356
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sumeet-industries-ltd-cp-ib-159-2020-0df90d8b

## Summary

### Background

The case pertains to CP(IB) 159 of 2020 before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The matter involves Cholamandalm Investment & Finance Co. Ltd as the applicant and Sumeet Industries Ltd as the respondent. The case was heard through video conferencing on October 21, 2020.

## Facts

Cholamandalm Investment & Finance Co. Ltd initiated proceedings against Sumeet Industries Ltd under CP(IB) 159 of 2020. The case was presented before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). During the hearing on October 21, 2020, Mr. Mandeep Singh, the learned counsel representing the financial creditor, informed the court that the matter had been settled and that he would be filing pursis. Based on this submission, the court disposed of the matter as withdrawn, allowing the applicant the liberty to revive the case if required. The case was related to Section 7 of the Insolvency and Bankruptcy Code, 2016.

## Issues and analysis

### Issue 1: Whether the matter should be disposed of as withdrawn based on the submission of the financial …

**Ratio:** When a financial creditor informs the court that a matter has been settled and requests

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**Reasoning:** The court's reasoning is based on the submission by the learned counsel for the financial

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**Interpretation:** This interpretation aligns with the principle that parties are free to settle

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**Application:** In this specific case, the court applied the ratio by accepting the submission

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Cholamandalm…
- **Respondents:** Sumeet Industries…

## Timeline

- **2020-10-21 — Hearing…**: Hearing through video conferencing before the Ahmedabad Bench of the National Company Law…
- **2020-10-21 — Matter Di…**: CP(IB) 159 of 2020 stands…

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