# In the matter of Sanga Automobiles Pvt. Ltd.

> NCLT judgment dated 2023-09-19. Citation: TCN-2023-NCLT-01546. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 19 Sept 2023
- **Citation:** TCN-2023-NCLT-01546
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sanga-automobiles-pvt-ltd-e0351919

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. IIFL Home Finance Ltd., the financial creditor, initiated proceedings against Sanga Automobiles Pvt. Ltd., the corporate debtor. The matter was presented before the Jaipur Bench of the National Company Law Tribunal (NCLT) through video conferencing.

## Facts

IIFL Home Finance Ltd. filed a petition against Sanga Automobiles Pvt. Ltd. under Section 7 of the IBC, 2016. The case was heard by the Jaipur Bench of the NCLT. Akshat Kulshreshtha, Advocate, appeared on behalf of the financial creditor and submitted that the matter had been settled amicably between the parties. The financial creditor wished to withdraw the petition. The NCLT granted permission for the withdrawal, and the petition was dismissed as withdrawn. The key fact is the amicable settlement leading to the withdrawal of the insolvency petition.

## Issues and analysis

### Issue 1: Whether the petition filed by the financial creditor can be withdrawn based on an amicable …

**Ratio:** A petition can be withdrawn if the parties have reached an amicable settlement and the

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**Reasoning:** The court accepted the submission of the advocate representing the financial creditor

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**Interpretation:** This reflects the principle that parties are allowed to resolve disputes

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

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** IIFL Home Finance…
- **Respondents:** Sanga Automobiles…

## Timeline

- **2023-09-19 — Order Da…**: CP No. (IB)-14/7/JPR/2023…

## 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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