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

> NCLT judgment dated 2021-07-01. Citation: TCN-2021-NCLT-01871. The case involves a petition filed before the National Company Law Tribunal (NCLT), Chennai…

- **Court:** NCLT
- **Order date:** 1 Jul 2021
- **Citation:** TCN-2021-NCLT-01871
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/thiashola-plantations-pvt-ltd-iba-789-2020-5b42bbdf

## Summary

### Background

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 Based on this, the petitioner's counsel requested the application to be dismissed as withdrawn.

## Issues and analysis

### Issue 1: Whether the application can be dismissed as withdrawn based on the settlement between the parties …

**Ratio:** An application can be dismissed as withdrawn if the parties have settled the matter out

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

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

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**Application:** In this case, the petitioner and respondent settled their dispute outside of

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## Parties

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

## Timeline

- **2021-07-01 — Hearing…**: Hearing of Chennai Bench of NCLT held on 01.07.2021 at 10.30 A.M through video…
- **N/A — Settlement and…**: Petitioner's counsel represented that the parties 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)

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