# In the matter of K.P.R. Industries (India) Limited CP (IB) No. 583-9-HDB-2018

> NCLAT judgment dated 2019-05-13. Citation: TCN-2019-NCLAT-00562. The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code…

- **Court:** NCLAT
- **Order date:** 13 May 2019
- **Citation:** TCN-2019-NCLAT-00562
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/kpr-industries-india-limited-cp-ib-no-583-9-hdb-2018-f9f13efe

## Summary

### Background

The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC) by Tinita Engineering Private Limited, the Operational Creditor, against KPR Industries (India) Limited, the Corporate Debtor. The petition was filed due to an alleged default in payment. The case was heard over multiple dates, and ultimately, the parties reached a settlement.

## Facts

Tinita Engineering Private Limited, the Operational Creditor, filed a petition against KPR Industries (India) Limited, the Corporate Debtor, under Section 9 of the IBC. The petition was filed due to an alleged default in payment. The case was heard on multiple dates: 2018-10-12, 2018-11-01, 2018-11-26, 2018-12-17, 2019-01-07, 2019-01-30, 2019-02-21, 2019-03-14, 2019-04-09, 2019-05-01, and 2019-05-13. Before the petition was admitted, the parties reached a settlement. The Operational Creditor then filed a memo on 2019-05-13, informing the Tribunal that the matter had been settled and requesting to withdraw the petition. The court recorded the memo and granted permission to withdraw the petition.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can be granted permission to withdraw the petition under Rule 8 of …

**Ratio:** The legal principle applied is that under Rule 8 of the Insolvency & Bankruptcy

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

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**Interpretation:** The interpretation of Rule 8 allows for flexibility in the insolvency process,

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**Application:** In this specific case, the court applied the ratio by considering the

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** Tinita Engineering…
- **Respondents:** KPR Industries…; KPR Industries…

## Timeline

- **2018-10-12 — Hearing…**: Hearing of th…
- **2018-11-01 — Hearing…**: Hearing of th…

## 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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