# In the matter of Globe International Carriers Limited IA No. 148-JPR-2022 in CP No. (IB)-137-9-JPR-2019

> NCLT judgment dated 2022-03-30. Citation: TCN-2022-NCLT-03462. The case involves an application for withdrawal of an insolvency application. The Operational…

- **Court:** NCLT
- **Order date:** 30 Mar 2022
- **Citation:** TCN-2022-NCLT-03462
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/globe-international-carriers-limited-ia-no-148-jpr-2022-in-cp-no-ib-137-9-jpr-20-6d596b13

## Summary

### Background

The case involves an application for withdrawal of an insolvency application. The Operational Creditor, Tube Investment of India Ltd., initiated proceedings against the Corporate Debtor, Globe International Carries Ltd. During the pendency of the petition, both parties reached a settlement agreement on 2022-03-04 for full and final settlement of all disputes.

## Facts

Tube Investment of India Ltd., the Operational Creditor, initiated insolvency proceedings against Globe International Carries Ltd., the Corporate Debtor. During the pendency of the case, the parties entered into a settlement agreement on 2022-03-04. As part of the settlement, the Corporate Debtor paid Rs. 17,95,581/- to the Operational Creditor. Consequently, the Operational Creditor sought to withdraw the insolvency application, leading to the filing of IA No. 148/JPR/2022.

## Issues and analysis

### Issue 1: Whether the insolvency application CP No. 137/9/JPR/2019 should be dismissed as withdrawn based on …

**Ratio:** A settlement agreement between the Operational Creditor and the Corporate Debtor,

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**Reasoning:** The court acknowledged that the parties had reached a settlement, and the Operational

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**Interpretation:** The interpretation is that if parties involved in an insolvency proceeding

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**Application:** In this case, the Operational Creditor and the Corporate Debtor reached a

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## Parties

- **Judges:** Deep Chandr…; RaghuNa…
- **Appellants:** Tube Investment…
- **Respondents:** Globe Internationa…

## Timeline

- **2019-01-01 — CP No. (IB)- 137/9/JPR/2…**: Filing of CP No. (IB)-…
- **2022-03-04 — Settlement Ag…**: Operational Creditor and Corporate Debtor…

## 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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