# In the matter of SLR Metaliks Ltd. IA-4748-ND-2021 & IA-523-ND-2021 in IB-487-ND-2019

> NCLT judgment dated 2022-02-02. Citation: TCN-2022-NCLT-04286. The application IA-523/ND/2022 was moved on behalf of the Petitioner stating that the matter…

- **Court:** NCLT
- **Order date:** 2 Feb 2022
- **Citation:** TCN-2022-NCLT-04286
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/slr-metaliks-ltd-ia-4748-nd-2021-ia-523-nd-2021-in-ib-487-nd-2019-a18d8438

## Summary

### Background

The application IA-523/ND/2022 was moved on behalf of the Petitioner stating that the matter has been settled for Rs. 24 lakhs. The Petitioner does not want to pursue the matter anymore. A settlement has been reached between the parties, and the Petitioner's counsel wants to withdraw the main petition.

## Facts

The Petitioner filed an application stating that the matter has been settled for Rs. 24 lakhs. The Petitioner no longer wishes to pursue the matter. A settlement was reached between the parties. The Petitioner's counsel requested to withdraw the main petition. The court considered the settlement and the request for withdrawal.

## Issues and analysis

### Issue 1: Whether the present application should be allowed based on the settlement between the parties and …

**Ratio:** A court may allow the withdrawal of a petition when the parties have reached a settlement

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**Reasoning:** The court reasoned that since the parties had arrived at a settlement and the

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**Interpretation:** This legal issue involves the interpretation of the court's power to allow the

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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:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** M/s Shah…
- **Respondents:** SLR Metalik…

## Timeline

- **2022-02-02 — Order Del…**: Order delivered on 02.02.2022, allowing the application and dismissing the main petition…

## 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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