# In the matter of ASPG Infrastructuer Pvt. Ltd. IB-795-ND-2020

> NCLT judgment dated 2021-04-05. Citation: TCN-2021-NCLT-02487. The case involves an application filed by the operational creditor, Gayatri Steels, under…

- **Court:** NCLT
- **Order date:** 5 Apr 2021
- **Citation:** TCN-2021-NCLT-02487
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aspg-infrastructuer-pvt-ltd-ib-795-nd-2020-9e0c4500

## Summary

### Background

The case involves an application filed by the operational creditor, Gayatri Steels, under Section 9 of the Insolvency and Bankruptcy Code (IBC) against ASPG Infrastructure Pvt. Ltd. The operational creditor sought initiation of the corporate insolvency resolution process (CIRP) against the corporate debtor. The current application before the NCLT is for withdrawal of the petition.

## Facts

Gayatri Steels, the operational creditor, filed a petition under Section 9 of the IBC against ASPG Infrastructure Pvt. Ltd., the corporate debtor. Subsequently, Gayatri Steels filed an application (IA No. 1463 of 2021) to withdraw the said petition. The application for withdrawal was based on a settlement deed dated 05.03.2021. The NCLT considered the submissions of both parties and allowed the withdrawal, dismissing the original petition but granting liberty to revive it or file a fresh one if the corporate debtor defaults on the settlement terms.

## Issues and analysis

### Issue 1: Whether the operational creditor should be allowed to withdraw the insolvency petition filed under …

**Ratio:** An operational creditor can withdraw an insolvency petition with the permission of the

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**Reasoning:** The court considered the submissions made by the counsels for both parties and found it

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**Interpretation:** The interpretation is that the NCLT has the discretion to allow the withdrawal

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**Application:** In this case, the operational creditor sought to withdraw the petition due to a

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## Parties

- **Judges:** P.S.N. P…; V.K. SUB…
- **Appellants:** Gayatri S…
- **Respondents:** ASPG Infrastructur…; M/s. ASPG…

## Timeline

- **2021-03-05 — Settlemen…**: Settlement deed between Gayatri Steels…
- **2021-04-05 — Order Del…**: Order delivered by NCLT…

## 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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