# In the matter of Flash Forge Private Limited

> NCLT judgment dated 2023-10-10. Citation: TCN-2023-NCLT-01318. The case involves a withdrawal application jointly submitted by both counsels to the Bench,…

- **Court:** NCLT
- **Order date:** 10 Oct 2023
- **Citation:** TCN-2023-NCLT-01318
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/flash-forge-private-limited-79493637

## Summary

### Background

The case involves a withdrawal application jointly submitted by both counsels to the Bench, containing consent terms. The Corporate Debtor's counsel also provided the Board Resolution to settle the matter with the Operational Creditor. The documents were taken on record, and both sides sought permission to withdraw the main application.

## Facts

The case involves Siddhi Ganesh Metal Private Limited and Flash Forge Private Limited. Both counsels jointly submitted a withdrawal application containing consent terms to the Bench. The counsel for the Corporate Debtor, Siddhi Ganesh Metal Private Limited, also provided the Board Resolution to settle the matter with the Operational Creditor, Flash Forge Private Limited. The court took the documents on record and granted permission for withdrawing the main application. The main CP was disposed of as withdrawn without prejudice to the rights of the Operational Creditor to revive the CP in the event of the failure of any of the conditions in the consent terms. The relevance of these facts is that the parties have reached a settlement and are withdrawing the case based on

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## Issues and analysis

### Issue 1: Whether the withdrawal application submitted …

**Ratio:** The principle of allowing withdrawal of applications based on mutual consent and

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**Reasoning:** The court reasoned that both counsels jointly submitted the withdrawal application

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**Interpretation:** This involves interpreting the legal provisions and precedents related to

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**Application:** The ratio and reasoning are applied to the specific facts of the case, where

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## Parties

- **Judges:** SANJIV…; K. R. SAJI…
- **Respondents:** Siddhi Ganesh…

## Timeline

- **2023-10-10 — Order Sheet of…**: Order sheet of hearing…

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