# In the matter of Mondo Culinary Private Limited

> NCLT judgment dated 2023-09-26. Citation: TCN-2023-NCLT-01461. The case involves a Company Petition filed under the Insolvency and Bankruptcy Code, 2016. The…

- **Court:** NCLT
- **Order date:** 26 Sept 2023
- **Citation:** TCN-2023-NCLT-01461
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mondo-culinary-private-limited-4e49462c

## Summary

### Background

The case involves a Company Petition filed under the Insolvency and Bankruptcy Code, 2016. The parties involved are Omkara Assets Reconstruction Private Limited (Applicant) and Mondo Culinary Private Limited (Corporate Debtor). The matter was brought before the National Company Law Tribunal (NCLT), Mumbai Bench.

## Facts

Omkara Assets Reconstruction Private Limited filed a Company Petition against Mondo Culinary Private Limited. During the proceedings, the counsels for both parties informed the NCLT that they had resolved their dispute. As a result, the Petitioner, Omkara Assets Reconstruction Private Limited, requested to withdraw the Company Petition. The advocates Rohan Agrawal and Kunal Kanungo were present for the applicant in I.A. 4001/2023 and the original petitioner, respectively. The court, after considering the submission, allowed the withdrawal and disposed of the Company Petition as withdrawn. The I.A. 4001/2023 was also allowed.

## Issues and analysis

### Issue 1: Whether the Company Petition can be disposed of as withdrawn based on the joint submission of the …

**Ratio:** When parties to a dispute reach a resolution, the court may allow the withdrawal of the

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**Reasoning:** The court reasoned that since the counsels jointly submitted that the parties had

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**Interpretation:** This interpretation aligns with the principle of promoting settlement and

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**Application:** In this case, the court applied the ratio by allowing the withdrawal of the

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Omkara Assets…
- **Respondents:** Mondo Culinary…

## Timeline

- **2023-09-26 — Order Shee…**: Order sheet of the hearing of Mumbai Bench…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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