# In the matter of Bombay Rayon Fashions Ltd. CP (IB) No. 1230-MB-2019

> NCLT judgment dated 6 May 2021. Citation: TCN-2021-NCLT-02187. The case pertains to a Company Petition bearing C.P. (IB) No. 1230/MB/2019 filed before the…

- **Court:** NCLT
- **Order date:** 6 May 2021
- **Citation:** TCN-2021-NCLT-02187
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/bombay-rayon-fashions-ltd-cp-ib-no-1230-mb-2019-65caa4b5

## Summary

### Background

The case pertains to a Company Petition bearing C.P. (IB) No. 1230/MB/2019 filed before the National Company Law Tribunal (NCLT), Mumbai. The matter was listed for hearing, and counsels for both the Petitioner and the Respondent were present. The mentioning praecipe filed by the Counsel for the Petitioner was taken on record and allowed.

## Facts

The case involves a Company Petition (C.P. (IB) No. 1230/MB/2019) filed by Rajarambapu Sahakari Bank Limited against Bombay Rayon Fashions Ltd. The matter was taken up on video conference (VC). Mr. Anand Prabhawalkar, Counsel for the Petitioner, and Ms. Siddhi Vora, Counsel for the Respondent, were present. Both parties submitted that the matter had been amicably settled and sought the withdrawal of the Company Petition. The Petitioner's counsel filed an affidavit for withdrawal. Consequently, the Company Petition was dismissed as not pressed. The key fact is the amicable settlement leading to the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the Company Petition should be dismissed given the amicable settlement between the parties …

**Ratio:** When parties to a legal proceeding reach an amicable settlement and the petitioner seeks

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**Reasoning:** The court reasoned that since both parties had amicably settled the matter and the

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**Interpretation:** This interpretation aligns with the principle that courts generally respect and

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**Application:** In this case, the court applied the ratio by dismissing the Company Petition

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## Parties

- **Judges:** V. Nallasen…; Harihar Prakash…
- **Appellants:** Rajarambapu…
- **Respondents:** Bombay Rayon…

## Timeline

- **2019-01-01 — Company Petiti…**: Company Petition C.P. (IB)…
- **2021-05-06 — Order Da…**: The matter was taken up on VC. Both parties submitted that the matter had been amicably…

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