# In the matter of Hyquip Systems Ltd. CP (IB) No. 279-9-HDB-2020

> NCLT judgment dated 2021-07-14. Citation: TCN-2021-NCLT-01753. The case pertains to a company petition/application filed under CP (IB) No. 279/9/HDB/2020…

- **Court:** NCLT
- **Order date:** 14 Jul 2021
- **Citation:** TCN-2021-NCLT-01753
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hyquip-systems-ltd-cp-ib-no-279-9-hdb-2020-97b0bb46

## Summary

### Background

The case pertains to a company petition/application filed under CP (IB) No. 279/9/HDB/2020 before the National Company Law Tribunal (NCLT), Hyderabad. The petitioner is Bonfiglioli Transmissions Pvt Ltd and the respondent is Hyquip Systems Ltd. The application is filed under Section 9 of the Insolvency and Bankruptcy Code (IBC).

## Facts

Bonfiglioli Transmissions Pvt Ltd filed a company petition/application (CP (IB) No. 279/9/HDB/2020) against Hyquip Systems Ltd under Section 9 of the IBC. During the hearing, both parties informed the NCLT that the matter had been settled. The learned counsel for the operational creditor (Bonfiglioli Transmissions Pvt Ltd) submitted a statement to withdraw the matter, which the court recorded. The key fact is the settlement between the parties, leading to the withdrawal of the application.

## Issues and analysis

### Issue 1: Whether the application filed under Section 9 of the IBC can be withdrawn based on the settlement …

**Ratio:** An application under Section 9 of the IBC can be withdrawn if the parties have reached a

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**Reasoning:** The court accepted the submission of the learned counsel for the operational creditor

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**Interpretation:** This case interprets the provisions of the IBC to allow for the withdrawal of

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

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Respondents:** Hyquip Syst…

## Timeline

- **2021-07-14 — Hearing…**: Hearing held on 14.07.2021 at 10:30 AM where both parties submitted that the matter is…

## 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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