# In the matter of Fatehpuria Transformers and Switchgears Pvt. Ltd. IA No. 230-JPR-2020
CP No. (IB)- 81-9-JPR-2020
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> NCLT judgment dated 2021-04-06. Citation: TCN-2021-NCLT-02465. The case involves an application for withdrawal of a matter before the National Company Law…

- **Court:** NCLT
- **Order date:** 6 Apr 2021
- **Citation:** TCN-2021-NCLT-02465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fatehpuria-transformers-and-switchgears-pvt-ltd-ia-no-230-jpr-2020-cp-no-ib-81-9-71d32b6d

## Summary

### Background

The case involves an application for withdrawal of a matter before the National Company Law Tribunal (NCLT), Jaipur Bench. The application was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. M/s Star Wire Products, the Operational Creditor/Applicant, initiated proceedings against Fatehpuria Transformers and Switchgears Pvt. Ltd., the Corporate Debtor.

## Facts

M/s Star Wire Products, acting as the Operational Creditor/Applicant, initiated proceedings against Fatehpuria Transformers and Switchgears Pvt. Ltd., identified as the Corporate Debtor, under Section 9 of the IBC, 2016. The case was presented before the NCLT Jaipur Bench. During the proceedings, the parties reached a mutual and amicable resolution. Subsequently, the Operational Creditor filed an application to withdraw the matter. The court, after hearing the submissions, found that the matter had indeed been resolved amicably and allowed the withdrawal application, dismissing the petition.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the matter should be allowed given the mutual and …

**Ratio:** The legal principle applied is that if parties to a legal proceeding resolve their

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**Reasoning:** The court reasoned that since the matter had been resolved mutually and amicably,

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**Interpretation:** This interpretation aligns with the intent of the IBC to promote resolution of

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**Application:** In this specific case, the court applied the ratio by acknowledging the mutual

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## Parties

- **Judges:** P.S.N. P…; RaghuNa…
- **Appellants:** M/s Star Wire…
- **Respondents:** Fatehpuria…

## Timeline

- **2020-01-01 — Filing of CP No. (IB)-…**: Corporate Insolvency Resolution Process (CIRP)…
- **2020-01-01 — Filing of IA No.…**: Interlocutory…

## 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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