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

> NCLT judgment dated 2019-02-12. Citation: TCN-2019-NCLT-04900. The case pertains to CP (IB) No. 913/KB/2018 before the National Company Law Tribunal (NCLT),…

- **Court:** NCLT
- **Order date:** 12 Feb 2019
- **Citation:** TCN-2019-NCLT-04900
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ankit-metal-power-ltd-cp-ib-no-913-kb-2018-874d5712

## Summary

### Background

The case pertains to CP (IB) No. 913/KB/2018 before the National Company Law Tribunal (NCLT), Kolkata Bench. The matter involves G.M. Corporation as the Operational Creditor against Ankit Metal & Power Ltd. as the Corporate Debtor. The hearing took place on February 12, 2019.

## Facts

The key facts are as follows: G.M. Corporation filed a Corporate Insolvency Resolution Process (CIRP) application against Ankit Metal & Power Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). During the hearing on February 12, 2019, both parties informed the NCLT Kolkata Bench that they had reached a settlement outside of the Tribunal. As a result, the Operational Creditor, G.M. Corporation, requested permission to withdraw the CIRP application. The Tribunal granted this request, and the application was disposed of as withdrawn. Rohit Sharma, representing the Operational Creditor, and Anunoy Baru and Srinjoy Berattacharya, representing the Corporate Debtor, were present at the hearing.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be granted permission to withdraw the Corporate Insolvency …

**Ratio:** The legal principle applied is that if parties to a CIRP application reach a settlement

…

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

…

**Interpretation:** This interpretation acknowledges the Tribunal's discretion to allow withdrawal

…

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

…

## Parties

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

## Timeline

- **2019-02-12 — Hearing…**: Hearing held on February 12, 2019, at…

## 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/ankit-metal-power-ltd-cp-ib-no-913-kb-2018-874d5712