# In the matter of W S Industries (India) Limited CP(IB)-65-CHE-2021

> NCLT judgment dated 2022-02-14. Citation: TCN-2022-NCLT-04152. The case involves CP.IB/65/CHE/2021 before the National Company Law Tribunal (NCLT), Chennai.…

- **Court:** NCLT
- **Order date:** 14 Feb 2022
- **Citation:** TCN-2022-NCLT-04152
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/w-s-industries-india-limited-cpib-65-che-2021-ae0bf82d

## Summary

### Background

The case involves CP.IB/65/CHE/2021 before the National Company Law Tribunal (NCLT), Chennai. The petitioner, Grasim Industries Ltd, initiated proceedings under Section 9 Rule 6 of IBC, 2016. The respondent is W S Industries India Ltd. The matter was heard through video conferencing.

## Facts

Grasim Industries Ltd initiated a corporate insolvency resolution process against W S Industries India Ltd under Section 9 Rule 6 of IBC, 2016. The case was registered as CP.IB/65/CHE/2021 before the NCLT Chennai. During the proceedings, both the petitioner and the respondent informed the court that they had reached a settlement out of court, and the respondent had made all the necessary payments to the petitioner. Consequently, the petitioner sought to withdraw the petition.

## Issues and analysis

### Issue 1: Whether the NCLT should grant permission to the petitioner to withdraw the petition …

**Ratio:** When parties to a legal proceeding reach a settlement out of court and the respondent has

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**Reasoning:** The court acknowledged the statements from both counsels confirming the out-of-court

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**Interpretation:** This legal principle allows for the efficient resolution of disputes outside of

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**Application:** In this case, the court applied the principle by allowing Grasim Industries Ltd

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## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Appellants:** Grasim Industries…
- **Respondents:** W S Industries…

## Timeline

- **2022-02-14 — Hearing…**: Hearing of CP.IB/65/CHE/2021 held on…

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