# In the matter of Corus Vitrified Pvt. Ltd. C.P. (I.B) No. 451-9-NCLT-AHM-2019

> NCLT judgment dated 2020-09-28. Citation: TCN-2020-NCLT-00520. The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated under the…

- **Court:** NCLT
- **Order date:** 28 Sept 2020
- **Citation:** TCN-2020-NCLT-00520
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/corus-vitrified-pvt-ltd-cp-ib-no-451-9-nclt-ahm-2019-3f1af289

## Summary

### Background

The case pertains to a Corporate Insolvency Resolution Process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016. The Operational Creditor sought to withdraw the IB petition as the matter was settled between the parties.

## Facts

The Operational Creditor filed an IB petition against the Corporate Debtor, Vidres India Ceramics Pvt Ltd. During the proceedings, the Operational Creditor and the Corporate Debtor reached a settlement. Consequently, the Operational Creditor sought permission from the National Company Law Tribunal (NCLT), Ahmedabad Bench, to withdraw the IB petition. The Learned Counsel Mr. Pranav Thakkar appeared for the Operational Creditor. The NCLT granted the permission, and the petition was disposed of as withdrawn. The case was heard through video conferencing on 2020-09-28.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the IB petition based on a settlement reached with …

**Ratio:** The legal principle applied is that if parties reach a settlement, the court may allow

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**Reasoning:** The court reasoned that since the matter was settled between the parties, granting

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**Interpretation:** This issue involves the interpretation of the provisions of the Insolvency and

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**Application:** In this specific case, the Operational Creditor sought to withdraw the IB

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Respondents:** Vidres India…; Corus Vitrified…
- **Advocates:** Pranav Th…

## Timeline

- **2020-09-28 — Hearing…**: Hearing through video conferencing before the Ahmedabad Bench of the National Company Law…
- **2020-09-28 — Order Da…**: CP (IB) 451 of 2019 stands…

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