# In the matter of Wearit Global Ltd. CP(IB)No. 106-KB-2019

> NCLT judgment dated 2020-01-08. Citation: TCN-2020-NCLT-02459. The case involves Kunal Finance & Credit Pvt. Ltd. and Others Vs. Wearit Global Ltd. before the…

- **Court:** NCLT
- **Order date:** 8 Jan 2020
- **Citation:** TCN-2020-NCLT-02459
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/wearit-global-ltd-cpibno-106-kb-2019-084d130b

## Summary

### Background

The case involves Kunal Finance & Credit Pvt. Ltd. and Others Vs. Wearit Global Ltd. before the National Company Law Tribunal (NCLT), Kolkata Bench. The matter was listed for hearing on January 8, 2020. Counsels for both the Financial Creditor and Corporate Debtor appeared.

## Facts

The case involves Kunal Finance & Credit Pvt. Ltd. and Others as the Financial Creditor and Wearit Global Ltd. as the Corporate Debtor. The matter was brought before the NCLT Kolkata Bench under Section 7 of the IBC. During the hearing on January 8, 2020, both parties submitted that the matter had been settled between them. Consequently, the Financial Creditor requested permission to withdraw the case, which was granted by the NCLT. The case was then disposed of, with the Financial Creditor retaining the option to revive the matter if the settlement fails. Representatives for both the Financial Creditor and Corporate Debtor were present during the hearing.

## Issues and analysis

### Issue 1: Whether the Financial Creditor should be granted permission to withdraw the matter given the …

**Ratio:** When parties involved in a legal dispute reach a settlement, courts generally grant

…

**Reasoning:** The court reasoned that since both parties had settled the matter, allowing the Financial

…

**Interpretation:** This interpretation aligns with the principle of promoting settlements in legal

…

**Application:** In this specific case, the court applied the principle by granting the

…

## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Kunal Finance &…
- **Respondents:** Wearit Glob…
- **Advocates:** Abhi…; Siddhartha…

## Timeline

- **2020-01-08 — Hearing…**: Hearing held on January…
- **2020-01-08 — Settlement Su…**: Both parties submitted that the…

---

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/wearit-global-ltd-cpibno-106-kb-2019-084d130b