# In the matter of Dhar Coal Products Pvt. Ltd. CP(IB) 396-9-NCLT-AHM-2019

> NCLT judgment dated 2019-08-05. Citation: TCN-2019-NCLT-02102. The case pertains to CP(IB) 396/9/NCLT/AHM/2019 before the Ahmedabad Bench of the National…

- **Court:** NCLT
- **Order date:** 5 Aug 2019
- **Citation:** TCN-2019-NCLT-02102
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dhar-coal-products-pvt-ltd-cpib-396-9-nclt-ahm-2019-59e94252

## Summary

### Background

The case pertains to CP(IB) 396/9/NCLT/AHM/2019 before the Ahmedabad Bench of the National Company Law Tribunal (NCLT). The Operational Creditor/Petitioner filed a petition under Section 9 of the Insolvency and Bankruptcy Code against Hemang Resources Ltd, with Dhar Coal Products Pvt Ltd as the other party.

## Facts

The case involves Hemang Resources Ltd as the company against whom an insolvency petition was filed. Dhar Coal Products Pvt Ltd is also mentioned. The Operational Creditor/Petitioner filed a petition under Section 9 of the Insolvency and Bankruptcy Code. The Operational Creditor/Petitioner received Rs. 26,16,623/- as full and final settlement of debt. The Learned Counsel of the Petitioner filed pursis with a request to withdraw the IB petition, as the matter was settled out of court. A copy of the minutes of meeting dated 22.07.2018 is enclosed, indicating that the stated amount has been received by the Operational Creditor/Petitioner from the Corporate Debtor (Respondent).

## Issues and analysis

### Issue 1: Whether the IB petition should be dismissed as settled out of court, given that the Operational …

**Ratio:** When a matter is settled out of court and the Operational Creditor/Petitioner receives

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**Reasoning:** The court reasoned that since the Operational Creditor/Petitioner received the full and

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**Interpretation:** This legal issue involves the interpretation of the Insolvency and Bankruptcy

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

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Respondents:** Hemang Resources…

## Timeline

- **2018-07-22 — Minutes of…**: Minutes of meeting indicating that the settlement amount was received by the Operational…
- **2019-08-05 — Order Da…**: The NCLT dismissed CP(IB) 396/2019 as…

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