# In the matter of Lyka Labs Ltd. C.P.(IB)-45(AHM)2021

> NCLT judgment dated 2023-01-11. Citation: TCN-2023-NCLT-05113. The case pertains to proceedings under Section 9 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 11 Jan 2023
- **Citation:** TCN-2023-NCLT-05113
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lyka-labs-ltd-cpib-45ahm2021-4967efb3

## Summary

### Background

The case pertains to proceedings under Section 9 of the Insolvency and Bankruptcy Code (IBC). Aditya Meruchem Pvt Ltd. is the applicant (Operational Creditor), and Lyka Labs Ltd is the respondent (Corporate Debtor). The Operational Creditor filed a petition under Section 9 of the IBC, which was registered as C.P.(IB)/45(AHM)2021.

## Facts

Aditya Meruchem Pvt Ltd. filed an application under Section 9 of the IBC against Lyka Labs Ltd. The case was registered as C.P.(IB)/45(AHM)2021 before the NCLT Ahmedabad. During the proceedings, both parties informed the court that they had reached a settlement. The Operational Creditor, Aditya Meruchem Pvt Ltd., then filed a Withdrawal Pursis, requesting the tribunal to allow the withdrawal of the application. The court considered the settlement and the Withdrawal Pursis.

## Issues and analysis

### Issue 1: Whether the NCLT can allow the withdrawal of an application filed under Section 9 of the IBC based …

**Ratio:** The legal principle is that a court or tribunal can allow the withdrawal of a case or

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**Reasoning:** The court reasoned that since both parties had settled the matter and the Operational

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**Interpretation:** This legal issue involves the interpretation of the powers of the NCLT to allow

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

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## Parties

- **Judges:** Madan B.…; Mr.Kaushalendra…
- **Appellants:** Aditya Meruchem…
- **Respondents:** Lyka Labs…

## Timeline

- **2021-01-01 — Filing of App…**: Aditya Meruchem Pvt Ltd. filed an application under Section 9 of the IBC against Lyka…
- **2023-11-01 — Order Del…**: The NCLT disposed of C.P.(IB)/45(AHM)2021 as withdrawn, based on the settlement between…

## 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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