# in the matter of Henkel Adthesives Technologies India Pvt. Ltd. MA-1381-2019 in C.P.(IB)717(MB)-2019

> NCLT judgment dated 2019-04-16. Citation: TCN-2019-NCLT-03867. The Operational Creditor filed a petition under Section 9 of the I&B Code for an operational…

- **Court:** NCLT
- **Order date:** 16 Apr 2019
- **Citation:** TCN-2019-NCLT-03867
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/henkel-adthesives-technologies-india-pvt-ltd-ma-1381-2019-in-cpib717mb-2019-6a030b7d

## Summary

### Background

The Operational Creditor filed a petition under Section 9 of the I&B Code for an operational debt of ₹ 1.51 Crores. Before the admission of the petition, the Operational Creditor and the Corporate Debtor settled the dispute via a Memorandum of Settlement dated 27.03.2019. The Operational Creditor received ₹ 1,07,60,037.60 from the Corporate Debtor as part of the settlement.

## Facts

The Operational Creditor, Ador Welding Ltd., filed a petition against the Corporate Debtor, Henkel Adhesives Technologies India Pvt. Ltd., under Section 9 of the I&B Code for an operational debt of ₹ 1.51 Crores. Prior to the admission of the petition, the parties reached a settlement agreement dated 27.03.2019, where the Corporate Debtor paid ₹ 1,07,60,037.60 to the Operational Creditor. The payments were made on 05.03.2019 (₹ 44910.90), 06.03.2019 (₹ 1413089.10), and 29.03.2019 (₹ 9302037.60). Consequently, the Operational Creditor requested the court to withdraw the petition.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be permitted to withdraw the petition filed under Section 9 …

**Ratio:** When parties amicably settle their disputes, the court generally allows the withdrawal of

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**Reasoning:** The court acknowledged that the parties had amicably settled the outstanding debt. The

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**Interpretation:** The interpretation is that the court recognizes and respects the settlement

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**Application:** In this case, the Operational Creditor and the Corporate Debtor settled the

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Ador Weldin…
- **Respondents:** Henkel Adhesives…

## Timeline

- **2019-02-14 — Petition…**: The Operational Creditor filed a petition under Section 9 of the I&B Code for an…
- **2019-03-05 — Payment Re…**: The Operational Creditor received ₹…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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