# In the matter of KCK Jewels Limited IA No. 147-JPR-2021 in CP No. (IB)-100-10-JPR-2021

> NCLT judgment dated 2022-04-01. Citation: TCN-2022-NCLT-03432. The case involves an application for withdrawal of a company petition filed by KCK Jewels…

- **Court:** NCLT
- **Order date:** 1 Apr 2022
- **Citation:** TCN-2022-NCLT-03432
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kck-jewels-limited-ia-no-147-jpr-2021-in-cp-no-ib-100-10-jpr-2021-7fe25ba5

## Summary

### Background

The case involves an application for withdrawal of a company petition filed by KCK Jewels Limited. The application is based on an out-of-court compromise/settlement reached between the parties. The applicant states that a total amount of Rs. 4,16,00,000/- has been paid to ICICI Bank.

## Facts

KCK Jewels Limited filed a company petition. An out-of-court settlement was reached between the parties. KCK Jewels Limited, the applicant, stated that they paid Rs. 4,16,00,000/- to ICICI Bank as part of the settlement. A copy of the settlement was annexed to the application for withdrawal. The applicant sought to withdraw the company petition based on this settlement. The court then considered the application for withdrawal.

## Issues and analysis

### Issue 1: Whether the company petition can be withdrawn based on the out-of-court settlement reached between …

**Ratio:** A company petition can be withdrawn if the parties have reached an out-of-court

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**Reasoning:** The court reasoned that since the parties had reached a settlement and a copy of the

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**Interpretation:** This interprets the principle that courts generally respect and enforce

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**Application:** The court applied this principle to the specific facts of the case, where the

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## Parties

- **Judges:** Deep Chandr…; RAGHU N…; +1 more
- **Respondents:** KCK Jewels…

## Timeline

- **2022-04-01 — Order Da…**: Order issued by the National…
- **2022-01-01 — IA No. 147/J…**: This IA has been filed for withdrawal of the company petition in light of out of Court…

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