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

> NCLT judgment dated 2023-03-30. Citation: TCN-2023-NCLT-03985. 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-03985
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/korra-worldwide-advertising-pvt-ltd-f7e84e6f

## 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. The learned counsel for the petitioner stated that the parties have settled the matter amicably.

## Facts

Momentus Digital Media Pvt. Ltd. filed a petition against Korra Worldwide Advertising Pvt. Ltd. under Section 9 of the IBC 2016. The petitioner, represented by Mr. Siddharth Kuruchi, sought to initiate corporate insolvency resolution process against the respondent, represented by Mr. Nahush Jain. The learned counsel for the petitioner stated that the parties had settled the matter amicably on 2023-03-18. Although a copy of the settlement was shown, it was not placed on record. Based on the petitioner's counsel's statement, the court dismissed the petition.

## Issues and analysis

### Issue 1: Whether the petition under Section 9 of IBC 2016 can be dismissed as withdrawn based on the …

**Ratio:** A petition can be dismissed as withdrawn if the parties have settled the matter amicably

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**Reasoning:** The court relied on the statement made by the learned counsel for the petitioner,

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**Interpretation:** This case highlights the court's willingness to accept the statement of counsel

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

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## Parties

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

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- **2023-03-30 — Petition Di…**: The court dismissed the petition CP (IB) No. 9/Chd/Hry/2023 as withdrawn based on the…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