# In the matter of Dattatreya Constructions Private Llimited CP (IB) No. 1599-KB-2018

> NCLT judgment dated 2019-02-19. Citation: TCN-2019-NCLT-04790. The case involves M/s. Prism Johnson Limited [RMC (INDIA) Division] as the operational creditor…

- **Court:** NCLT
- **Order date:** 19 Feb 2019
- **Citation:** TCN-2019-NCLT-04790
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dattatreya-constructions-private-llimited-cp-ib-no-1599-kb-2018-9dcbeb22

## Summary

### Background

The case involves M/s. Prism Johnson Limited [RMC (INDIA) Division] as the operational creditor and M/s. Dattatreya Constructions Private Limited as the corporate debtor. The matter was listed before the National Company Law Tribunal (NCLT), Kolkata Bench.

## Facts

M/s. Prism Johnson Limited [RMC (INDIA) Division] filed a Company Petition (CP (IB) No. 1599/KB/2018) against M/s. Dattatreya Constructions Private Limited under Section 9 of the IBC. During the hearing on February 19, 2019, the counsel for the operational creditor, M/s. Prism Johnson Limited, stated that the matter had been settled outside the Tribunal. Therefore, the operational creditor sought permission to withdraw the application. The relevance of the settlement is that it led to the withdrawal of the case from the NCLT.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant permission to the operational creditor to withdraw the …

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

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**Reasoning:** The Tribunal reasoned that since the operational creditor submitted that the matter had

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**Interpretation:** This involves interpreting the Tribunal's power to facilitate settlements and

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

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## Parties

- **Judges:** Jinan…
- **Appellants:** M/s. Prism…
- **Respondents:** M/s. Dattatreya…

## Timeline

- **2019-02-19 — Hearing…**: Hearing held on February 19, 2019, at 10:30 A.M. The operational creditor sought…

## 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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