# In the matter of Korra Worldwide Advertising Pvt. Ltd.

> NCLT judgment dated 2023-03-30. Citation: TCN-2023-NCLT-03983. The case involves a petition under Section 9 of the IBC 2016, filed by Momentus Digital Media…

- **Court:** NCLT
- **Order date:** 30 Mar 2023
- **Citation:** TCN-2023-NCLT-03983
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/korra-worldwide-advertising-pvt-ltd-5bcb08b0

## Summary

### Background

The case involves a petition under Section 9 of the IBC 2016, filed by Momentus Digital Media Pvt. Ltd. against Korra Worldwide Advertising Pvt. Ltd. The petitioner sought to initiate corporate insolvency resolution process against the respondent.

## Facts

Momentus Digital Media Pvt. Ltd. filed a petition against Korra Worldwide Advertising Pvt. Ltd. under Section 9 of the IBC, 2016. The petitioner's counsel stated that the parties had settled the matter amicably on 2023-03-18. Although a copy of the settlement was shown, it was not officially recorded. Based on the counsel's statement, the petitioner sought to withdraw the petition. The court then dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the court can dismiss a petition under Section 9 of the IBC, 2016 based on the statement of …

**Ratio:** A court can dismiss a petition if the petitioner's counsel states that the matter has

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**Reasoning:** The court reasoned that the statement from the learned counsel for the petitioner,

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**Interpretation:** This implies that the court prioritizes the statements and representations made

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**Application:** In this specific case, the court applied the ratio by accepting the

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Momentus Digital…
- **Respondents:** Korra Worldwide…

## Timeline

- **2023-03-18 — Amicable Set…**: Parties reportedly…
- **2023-03-30 — Petition Di…**: The court dismissed the petition (CP (IB) No. 9/Chd/Hry/2023) as withdrawn based on the…

## 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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