# in the matter of Zee Entertainment Enterprises Limited I.A. 349-2023 In C.P.(IB)-1279(MB)-2022

> NCLT judgment dated 2023-03-09. Citation: TCN-2023-NCLT-04282. The case involves a Company Petition filed under the Insolvency and Bankruptcy Code, 2016. The…

- **Court:** NCLT
- **Order date:** 9 Mar 2023
- **Citation:** TCN-2023-NCLT-04282
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/zee-entertainment-enterprises-limited-ia-349-2023-in-cpib-1279mb-2022-5c3c635e

## Summary

### Background

The case involves a Company Petition filed under the Insolvency and Bankruptcy Code, 2016. The petitioner sought to withdraw the petition based on a settlement agreement reached with the Corporate Debtor, Zee Entertainment Enterprises Limited.

## Facts

The Indian Performing Right Society Limited filed a Company Petition against Zee Entertainment Enterprises Limited. A settlement agreement was reached between the parties, wherein Zee Entertainment Enterprises Limited, the Corporate Debtor, agreed to pay the amount due to the Operational Creditor, The Indian Performing Right Society Limited. Consequently, the petitioner sought to withdraw the Company Petition. The relevance of the settlement agreement is that it formed the basis for the withdrawal of the petition, indicating a resolution between the parties outside of formal insolvency proceedings.

## Issues and analysis

### Issue 1: Whether the Company Petition can be withdrawn based on …

**Ratio:** A Company Petition can be withdrawn if the parties have reached a settlement agreement

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**Reasoning:** The court reasoned that since a settlement agreement was reached where the Corporate

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**Interpretation:** This interpretation allows for the resolution of disputes outside of formal

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**Application:** In this case, the existence of a settlement agreement where Zee Entertainment

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## Parties

- **Judges:** H.V. Subb…; Shri. Prabhat…
- **Appellants:** The Indian…
- **Respondents:** ZEE Entertainment…

## Timeline

- **2023-03-09 — Order Da…**: Order sheet of the hearing of Mumbai Bench…

## 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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