# In the matter of Qutab Mercantile Pvt. Ltd. (IB)-3208(ND)2019

> NCLT judgment dated 2022-04-05. Citation: TCN-2022-NCLT-03384. The case involves Punjab National Bank as the applicant/petitioner and M/s. Qutab Mercantile…

- **Court:** NCLT
- **Order date:** 5 Apr 2022
- **Citation:** TCN-2022-NCLT-03384
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/qutab-mercantile-pvt-ltd-ib-3208nd2019-c99cd01d

## Summary

### Background

The case involves Punjab National Bank as the applicant/petitioner and M/s. Qutab Mercantile Pvt. Ltd. as the respondent. The matter was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The financial creditor, represented by Adv. Nupur Raut, submitted that the matter has been settled between the parties and a withdrawal application has been filed.

## Facts

Punjab National Bank filed an application under Section 7 of the IBC, 2016, against M/s. Qutab Mercantile Pvt. Ltd. Adv. Nupur Raut, representing the Financial Creditor, appeared before the court and submitted that the matter has been settled between the parties. A withdrawal application was filed on March 22, 2022. The court considered these submissions and permitted the applicant to withdraw the application.

## Issues and analysis

### Issue 1: Whether the applicant should be permitted to withdraw the application in view of the settlement …

**Ratio:** When parties settle a dispute and a withdrawal application is filed, the court has the

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**Reasoning:** The court reasoned that since the matter had been settled between the parties and a

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**Interpretation:** The interpretation here is that the court acknowledges the settlement between

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** SHRI. ABNI RANJAN…; Shri. L. N.…
- **Appellants:** Punjab National…
- **Respondents:** M/s. Qutab…

## Timeline

- **2022-03-22 — Withdrawal Application…**: The withdrawal application was filed on 22nd March 2022, indicating that the parties had…
- **2022-04-05 — Order Del…**: The order was delivered on April 5, 2022, permitting the applicant to withdraw the…

## 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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