# In the matter of Thiashola Plantations Pvt. Ltd. IBA-789-2020

> NCLT judgment dated 2021-07-01. Citation: TCN-2021-NCLT-01869. The case involves a petition before the National Company Law Tribunal (NCLT), Chennai Bench.…

- **Court:** NCLT
- **Order date:** 1 Jul 2021
- **Citation:** TCN-2021-NCLT-01869
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/thiashola-plantations-pvt-ltd-iba-789-2020-144f911f

## Summary

### Background

The case involves a petition before the National Company Law Tribunal (NCLT), Chennai Bench. The hearing was conducted through video conferencing. The petitioner and respondent were represented by their respective counsels.

## Facts

The case was heard by the National Company Law Tribunal, Chennai Bench, through video conferencing. The Petitioner, APAC Financial Services Pvt Ltd, and the Respondent, Thiashola Plantations Pvt Ltd, were represented by their respective counsels. The Petitioner's counsel informed the court that the parties had settled the matter out of court and filed a memo for withdrawal of the application with the registry. Based on this, the Petitioner requested the application to be dismissed as withdrawn.

## Issues and analysis

### Issue 1: Whether the application should be dismissed as withdrawn based on the settlement between the …

**Ratio:** When parties settle a matter out of court and the petitioner requests withdrawal of the

…

**Reasoning:** The court accepted the submission of the petitioner's counsel that the parties had

…

**Interpretation:** This legal principle allows for the dismissal of an application when the

…

**Application:** In this case, the petitioner, APAC Financial Services Pvt Ltd, and the

…

## Parties

- **Judges:** R. Sucha…; Anil Ku…
- **Appellants:** APAC Financial…
- **Respondents:** Thiashola…

## Timeline

- **2021-07-01 — Hearing…**: Hearing held on 01.07.2021 at 10.30…
- **N/A — Settlement and…**: Petitioner's counsel represents that the parties have settled the matter out of court and…

## 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)

---

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/thiashola-plantations-pvt-ltd-iba-789-2020-144f911f