# In the matter of Alaska Fabtech Pvt. Ltd. IA No. 02-2022 in CP(IB) No. 347-Chd-Pb-2019

> NCLT judgment dated 2022-01-04. Citation: TCN-2022-NCLT-04543. The case involves an application for the withdrawal of a main petition CP(IB) No.…

- **Court:** NCLT
- **Order date:** 4 Jan 2022
- **Citation:** TCN-2022-NCLT-04543
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alaska-fabtech-pvt-ltd-ia-no-02-2022-in-cpib-no-347-chd-pb-2019-949f17e7

## Summary

### Background

The case involves an application for the withdrawal of a main petition CP(IB) No. 347/Chd/Pb/2019 filed under Section 9 of the Insolvency and Bankruptcy Code, 2016. The application seeks to set aside the admission order dated 22.12.2021, which was passed based on a settlement reached between the parties before the constitution of the Committee of Creditors of the corporate debtor, Alaska Fabtech Pvt. Ltd. The Interim Resolution Professional (IRP) stated that he had not received any claims from other creditors and that the CIRP cost incurred till date amounted to Rs. 2,73,000, out of which Rs. 20,000 had already been received.

## Facts

R. K. Satyam Dyes & Chemicals, the operational creditor, filed CP(IB) No. 347/Chd/Pb/2019 against Alaska Fabtech Pvt. Ltd., the corporate debtor, under Section 9 of the IBC, 2016. An admission order was passed on 2021-12-22. Subsequently, the parties reached a settlement before the constitution of the Committee of Creditors. An application was filed to withdraw the main petition and set aside the admission order. The Interim Resolution Professional (IRP) stated that no claims had been received from other creditors and that the CIRP cost incurred till date was Rs. 2,73,000, out of which Rs. 20,000 had already been received. The petitioner's counsel undertook to deposit the remaining amount of Rs. 2.53 lacs to the IRP's account. The NCLAT judgment in Anuj Tejpal's

…

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the main petition CP(IB) No. 347/Chd/Pb/2019 should be …

**Ratio:** The legal principle applied is that a petition under Section 9 of the IBC, 2016, can be

…

**Reasoning:** The court reasoned that the settlement between the parties, coupled with the IRP's

…

**Interpretation:** The interpretation is that the IBC allows for flexibility in resolving disputes

…

**Application:** In this specific case, the settlement, the IRP's statement, and the

…

## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** R. K. Satyam Dyes…
- **Respondents:** Alaska Fabtech…

## Timeline

- **2019-01-01 — CP(IB) F…**: CP(IB) No. 347/Chd/Pb/2019 filed…
- **2021-12-22 — Admission…**: Admission order passed…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/alaska-fabtech-pvt-ltd-ia-no-02-2022-in-cpib-no-347-chd-pb-2019-949f17e7