# In the matter of Teleysia Networks Pvt. Ltd. CP(IB) 217-2020

> NCLT judgment dated 2020-09-16. Citation: TCN-2020-NCLT-00611. The case involves an application under CP(IB) 217 of 2020 before the National Company Law…

- **Court:** NCLT
- **Order date:** 16 Sept 2020
- **Citation:** TCN-2020-NCLT-00611
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/teleysia-networks-pvt-ltd-cpib-217-2020-985e5d83

## Summary

### Background

The case involves an application under CP(IB) 217 of 2020 before the National Company Law Tribunal (NCLT), Ahmedabad Bench. The Operational Creditor filed a petition, and subsequently, a settlement was reached between the parties.

## Facts

The Operational Creditor, represented by Mr. Krishal Patel, filed an IB petition. Subsequently, a settlement was reached between the Operational Creditor and the Corporate Debtor. As a result of the settlement, the Operational Creditor filed a pursis requesting the withdrawal of the IB petition. The NCLT, Ahmedabad Bench, granted permission for the withdrawal, allowing the Operational Creditor to revive the petition if the settlement fails. The petition CP(IB) No. 217 of 2020 was disposed of as withdrawn.

## Issues and analysis

### Issue 1: Whether the Operational Creditor's request to withdraw the IB petition should be granted given the …

**Ratio:** The principle of allowing parties to settle disputes amicably is generally favored in

…

**Reasoning:** The court reasoned that a settlement had been reached between the parties, and therefore,

…

**Interpretation:** This issue involves the interpretation of the Insolvency and Bankruptcy Code

…

**Application:** In this case, the court applied the principle of facilitating settlements by

…

## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Respondents:** Teleysia Networks…

## Timeline

- **2020-09-16 — Hearing…**: Hearing held before the Ahmedabad Bench…
- **N/A — Filing of…**: Learned Counsel of the Operational Creditor filed pursis with a request to withdraw IB…

## 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)

---

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/teleysia-networks-pvt-ltd-cpib-217-2020-985e5d83