# In the matter of Gyrfalcon Enterprises Private Limited C.P. (IB)-1008(MB)2021

> NCLT judgment dated 2022-08-10. Citation: TCN-2022-NCLT-01409. The case pertains to C.P.(IB)/1008(MB)2021 filed under the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 10 Aug 2022
- **Citation:** TCN-2022-NCLT-01409
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gyrfalcon-enterprises-private-limited-cp-ib-1008mb2021-687389f1

## Summary

### Background

The case pertains to C.P.(IB)/1008(MB)2021 filed under the Insolvency and Bankruptcy Code, 2016. The hearing was held on August 10, 2022. The matter involves Publicis Communications Private Limited versus Gyrfalcon Enterprises Private Limited.

## Facts

The case involves Publicis Communications Private Limited as the Operational Creditor and Gyrfalcon Enterprises Private Limited as the Corporate Debtor. The counsels for both parties informed the court that the matter had been settled amicably. Consequently, the counsel for the Operational Creditor requested the withdrawal of the insolvency petition C.P.(IB)/1008(MB)2021. The court, after hearing the submissions, dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the petition C.P.(IB)/1008(MB)2021 should be dismissed as withdrawn, given the amicable …

**Ratio:** When parties to a legal dispute reach an amicable settlement, and the petitioning party

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**Reasoning:** The court's reasoning is based on the submission by both counsels that the matter has

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**Interpretation:** This reflects the principle that courts generally respect and facilitate

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**Application:** In this specific case, the ratio and reasoning are applied to the facts

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Appellants:** Publicis Communica…
- **Respondents:** Gyrfalcon…

## Timeline

- **2022-08-10 — Hearing…**: Order sheet of the hearing…
- **2021-01-01 — Case Fil…**: C.P. (IB)/1008(MB)/2021…

## 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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