# In the matter of Ankit Metal & Power Ltd. CP (IB) No. 913-KB-2018

> NCLT judgment dated 2019-02-12. Citation: TCN-2019-NCLT-04893. The case pertains to CP (IB) No. 913/KB/2018 before the National Company Law Tribunal, Kolkata…

- **Court:** NCLT
- **Order date:** 12 Feb 2019
- **Citation:** TCN-2019-NCLT-04893
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ankit-metal-power-ltd-cp-ib-no-913-kb-2018-35ae6c98

## Summary

### Background

The case pertains to CP (IB) No. 913/KB/2018 before the National Company Law Tribunal, Kolkata Bench. The matter involves G.M. Corporation as the Operational Creditor and Ankit Metal & Power Ltd. as the Corporate Debtor. The hearing took place on February 12, 2019. Both parties jointly submitted that the matter was settled out of the Tribunal.

## Facts

The case involves G.M. Corporation as the Operational Creditor and Ankit Metal & Power Ltd. as the Corporate Debtor. The hearing was held on February 12, 2019. Representatives from both the Operational Creditor (Rohit Sharma) and the Corporate Debtor (Anunoy Baru and Srinjoy Berattacharya) were present. Both parties jointly submitted to the Tribunal that the matter had been settled out of court. Consequently, the Operational Creditor sought permission to withdraw the Corporate Insolvency Resolution Process (CIRP) application. The Tribunal granted this permission, leading to the disposal of the CP.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant permission to the Operational Creditor to withdraw the Corporate …

**Ratio:** The legal principle applied here is based on the Tribunal's discretion to allow

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**Reasoning:** The Tribunal reasoned that since both parties jointly submitted that the matter was

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**Interpretation:** The interpretation is that the Tribunal has the power to allow withdrawal of a

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**Application:** In this specific case, the ratio and reasoning were applied to the facts

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## Parties

- **Judges:** Jinan…
- **Appellants:** G.M. Corpo…
- **Respondents:** Ankit Metal &…

## Timeline

- **2019-02-12 — Hearing…**: Hearing held on February…
- **2019-02-12 — Settlement Su…**: Both parties jointly submit that the…

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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/ankit-metal-power-ltd-cp-ib-no-913-kb-2018-35ae6c98