# In the matter of Supertech Ltd. IB-1779(ND)-2019

> NCLT judgment dated 2019-08-07. Citation: TCN-2019-NCLT-02058. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 7 Aug 2019
- **Citation:** TCN-2019-NCLT-02058
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/supertech-ltd-ib-1779nd-2019-40dec64d

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner sought to initiate corporate insolvency resolution process against the corporate debtor. However, a settlement was reached between the parties.

## Facts

Corporation Bank, the applicant (operational creditor), filed a petition against M/s. Supertech Ltd., the respondent (corporate debtor), under Section 7 of the IBC, 2016. During the proceedings, the learned counsel for the petitioner stated that a settlement had been reached between the parties, and the petitioner wished to withdraw the petition. The court considered this submission.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the IBC, 2016 can be dismissed as withdrawn based on …

**Ratio:** A petition can be dismissed as withdrawn if the parties have reached a settlement and the

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

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**Interpretation:** This case interprets the power of the court to allow the withdrawal of a

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Rajesh Daya…; SUMITAPURKA…
- **Appellants:** Corporatio…
- **Respondents:** M/s. Supertech…

## Timeline

- **2019-08-07 — Order Del…**: Order delivered on…
- **2019-08-30 — File Consigned to…**: File to be consigned to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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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/supertech-ltd-ib-1779nd-2019-40dec64d