# In the matter of Transons Overseas (India) (P) Ltd. IA No. 241-JPR-2019 in CP No. IB-73-9-JPR-2019

> NCLT judgment dated 2019-08-02. Citation: TCN-2019-NCLT-02114. The case involves a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016,…

- **Court:** NCLT
- **Order date:** 2 Aug 2019
- **Citation:** TCN-2019-NCLT-02114
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/transons-overseas-india-p-ltd-ia-no-241-jpr-2019-in-cp-no-ib-73-9-jpr-2019-cf01a38c

## Summary

### Background

The case involves a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by Mr. Baheti & Sons against Transons Overseas (India) (P) Ltd. before the National Company Law Tribunal (NCLT), Jaipur. The applicant sought initiation of corporate insolvency resolution process against the respondent.

## Facts

Mr. Baheti & Sons filed a petition against Transons Overseas (India) (P) Ltd. under Section 9 of the IBC, 2016. Subsequently, the parties reached a settlement, evidenced by a Memorandum of Understanding (MOU) dated 2019-07-29. Based on this settlement, the applicant sought to withdraw the petition. The court noted the consent terms and the request from both the petitioner and the respondent to withdraw the Company Petition No. 73/9/JPR/2019. The relevance of the settlement is that it provided the basis for the withdrawal of the insolvency petition, indicating a resolution between the parties outside of the formal insolvency process.

## Issues and analysis

### Issue 1: Whether the Company Petition No. 73/9/JPR/2019 can be withdrawn based on the settlement and consent …

**Ratio:** A petition can be withdrawn if the parties have reached a settlement and consent to the

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**Reasoning:** The court reasoned that since both parties consented to the withdrawal and a settlement

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**Interpretation:** This legal issue involves the interpretation of the IBC provisions related to

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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:** POONDLA BHASKARA…; SH. RAGHU…
- **Appellants:** Baheti &…
- **Respondents:** Transons Overseas…
- **Advocates:** Ravinder Kumar…; Sandeep T…

## Timeline

- **2019-07-29 — MOU Ente…**: The parties entered into a Memorandum…
- **2019-08-02 — Order Del…**: Order delivered by the NCLT, Jaipur,…

## 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)

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