# 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-03468. The case involves an application for withdrawal of an insolvency petition filed under Section 9…

- **Court:** NCLT
- **Order date:** 30 Mar 2022
- **Citation:** TCN-2022-NCLT-03468
- **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-abfbe695

## Summary

### Background

The case involves an application for withdrawal of an insolvency petition filed under Section 9 of the IBC, 2016, due to a settlement agreement reached between the operational creditor and the corporate debtor.

## Facts

Tube Investment of India Ltd., the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Globe International Carries Ltd., the Corporate Debtor, initiating corporate insolvency resolution process. This application was numbered CP No. (IB)- 137/9/JPR/2019. During the pendency of the insolvency petition, the Operational Creditor and the Corporate Debtor engaged in discussions and subsequently entered into a settlement agreement on March 4, 2022. This agreement aimed for a full and final settlement of all disputes between the parties. In accordance with the settlement agreement, the Corporate Debtor paid a lump sum of Rs. 17,95,581/- to the Operational Creditor. Following this payment and settlement, an

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the insolvency petition should be allowed given the …

**Ratio:** An insolvency application can be withdrawn if the operational creditor and corporate

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**Reasoning:** The Tribunal considered the settlement agreement dated March 4, 2022, and the payment of

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**Interpretation:** The Tribunal interpreted the settlement agreement as a valid basis for

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**Application:** Given the settlement and payment, the Tribunal found no further grounds to

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## Parties

- **Judges:** Deep Chandr…; RAGHU N…; +1 more
- **Appellants:** Tube Investment…
- **Respondents:** Globe Internationa…
- **Advocates:** Amol…; Naresh Kumar…; +2 more

## Timeline

- **March 4, 2022 — Settlement Ag…**: Operational Creditor and Corporate Debtor entered into a settlement agreement for full…
- **March 30, 2022 — Order Is…**: NCLT Jaipur Bench issued an order dismissing the insolvency petition as withdrawn and…

## 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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