# In the matter of Dalas Biotech Ltd. IA No. 370 & 371-2021, IA No.  193 & 493-JPR-2022 in CP No. (IB)- 213-9-JPR-2020

> NCLT judgment dated 2022-10-21. Citation: TCN-2022-NCLT-00629. The case involves Farmasino Co. Ltd. as the Operational Creditor/Applicant and Dalas Biotech…

- **Court:** NCLT
- **Order date:** 21 Oct 2022
- **Citation:** TCN-2022-NCLT-00629
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dalas-biotech-ltd-ia-no-370-371-2021-ia-no-193-493-jpr-2022-in-cp-no-ib-213-9-jp-d1675ead

## Summary

### Background

The case involves Farmasino Co. Ltd. as the Operational Creditor/Applicant and Dalas Biotech Ltd. as the Corporate Debtor/Respondent. The matter was brought before the National Company Law Tribunal (NCLT), Jaipur Bench, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The Operational Creditor initiated proceedings against the Corporate Debtor.

## Facts

Farmasino Co. Ltd., the Operational Creditor, filed a case against Dalas Biotech Ltd., the Corporate Debtor, under Section 9 of the IBC, 2016. During the proceedings, both parties informed the court that they had reached a settlement, executing consent terms (Annexure-A). The Operational Creditor then requested to withdraw the application. The court noted that the name of the Operational Creditor had changed from Farmasino Pharmaceuticals (Jiangsu) Co. Ltd. to Farmasino Co. Ltd. An amended memo of parties was submitted as Annexure-C.

## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor can be withdrawn based on a settlement …

**Ratio:** A party can withdraw an application if a settlement is reached with the opposing party,

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**Reasoning:** The court acknowledged the settlement between the parties and the execution of consent

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**Interpretation:** This reflects the principle that courts generally encourage settlements between

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**Application:** In this case, the settlement between Farmasino Co. Ltd. and Dalas Biotech Ltd.

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Farmasino C…
- **Respondents:** Dalas Biote…
- **Advocates:** Nivedita R.…; Ravi Sh…; +4 more

## Timeline

- **2020-09-01 — CP No. (IB)- 213/9/JPR/2…**: Corporate Insolvency Resolution Process initiated by Farmasino Co. Ltd. against Dalas…
- **2022-09-26 — Settlemen…**: Settlement reached between Farmasino…

## 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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