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

> NCLT judgment dated 2023-01-11. Citation: TCN-2023-NCLT-05097. 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-05097
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lyka-labs-ltd-cpib-45ahm2021-f29366ca

## 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, C.P.(IB)/45(AHM)2021, before the National Company Law Tribunal (NCLT), Ahmedabad.

## Facts

Aditya Meruchem Pvt Ltd., the Operational Creditor, initiated proceedings against Lyka Labs Ltd., the Corporate Debtor, under Section 9 of the IBC by filing C.P.(IB)/45(AHM)2021. During the proceedings, both parties submitted that they had settled the matter. The counsel for the Operational Creditor then filed a Withdrawal Pursis, requesting the tribunal to allow the withdrawal of the application. The key fact is the settlement between the parties, leading to the withdrawal of the insolvency application.

## Issues and analysis

### Issue 1: Whether the application C.P.(IB)/45(AHM)2021 filed under Section 9 of the IBC can be disposed of as …

**Ratio:** The legal principle applied is that a party can withdraw an application filed before a

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

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**Interpretation:** The interpretation is that the court recognizes the right of parties to settle

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

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## Parties

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

## Timeline

- **2023-01-11 — Order Del…**: The NCLT, Ahmedabad, delivered the order…

## 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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