# In the matter of Sunshine Trade Tower Ltd. (IB)-112(PB)-2019

> NCLT judgment dated 2019-03-08. Citation: TCN-2019-NCLT-04535. The case involves Mrs. Sonia Dhingra as the applicant/petitioner and Sunshine Trade Tower Ltd.…

- **Court:** NCLT
- **Order date:** 8 Mar 2019
- **Citation:** TCN-2019-NCLT-04535
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sunshine-trade-tower-ltd-ib-112pb-2019-59cb962b

## Summary

### Background

The case involves Mrs. Sonia Dhingra as the applicant/petitioner and Sunshine Trade Tower Ltd. as the respondent. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petitioner's counsel stated that a settlement deed had been executed between the parties, with payments assured by post-dated cheques. The total amount claimed by the petitioner was Rs. 53,67,469/-.

## Facts

Mrs. Sonia Dhingra filed a petition against Sunshine Trade Tower Ltd. under Section 7 of the IBC, claiming Rs. 53,67,469/-. A settlement deed was executed between the parties, with payments assured by post-dated cheques. Based on this settlement, the petitioner's counsel applied for withdrawal of the petition, seeking liberty to revive the proceedings if needed. The court considered the settlement and the request for withdrawal.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the IBC should be dismissed as withdrawn based on the …

**Ratio:** A petition can be withdrawn if the parties have reached a settlement and the petitioner

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**Reasoning:** The court accepted the statement of the petitioner's counsel that a settlement deed had

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**Interpretation:** This interprets the right of a petitioner to withdraw a petition when a

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**Application:** The ratio was applied to the fact that a settlement deed existed, leading the

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Sonia Dh…
- **Respondents:** Sunshine Trade…

## Timeline

- **2019-03-08 — Order Del…**: The order was delivered dismissing the petition as withdrawn with liberty to revive the…

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