# In the matter of Vivaan Creation LLP C.P. (IB)-52(AHM)2021

> NCLT judgment dated 2021-11-02. Citation: TCN-2021-NCLT-00620. The case pertains to an application under Section 9 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 2 Nov 2021
- **Citation:** TCN-2021-NCLT-00620
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vivaan-creation-llp-cp-ib-52ahm2021-4df6fb19

## Summary

### Background

The case pertains to an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The operational creditor, Manglik Press Pvt Ltd., initiated proceedings against the corporate debtor, Vivaan Creation LLP. During the proceedings, both parties' counsels submitted that the matter had been settled.

## Facts

Manglik Press Pvt Ltd., the operational creditor, filed an application under Section 9 of the IBC against Vivaan Creation LLP, the corporate debtor. During the proceedings, counsels for both parties submitted that the matter had been settled. The operational creditor then filed a withdrawal pursis seeking permission to withdraw the matter. The key fact is the settlement between the parties, leading to the withdrawal request.

## Issues and analysis

### Issue 1: Whether the operational creditor should be granted permission to withdraw the application under …

**Ratio:** The legal principle applied is that if parties have settled a matter, and the operational

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**Reasoning:** The court reasoned that since the counsels for both sides submitted that the matter was

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**Interpretation:** This interpretation allows for the resolution of disputes outside of formal

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**Application:** In this case, the settlement between Manglik Press Pvt Ltd. and Vivaan Creation

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Manglik Press Pvt…
- **Respondents:** Vivaan Creation…
- **Advocates:** Vaibhav M…; Natasha D…

## Timeline

- **2021-11-02 — Order Del…**: The order was delivered, granting…

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