# In the matter of Indo Alusys Industries Ltd. (IB)-925(PB)-2020

> NCLT judgment dated 2021-11-08. Citation: TCN-2021-NCLT-00582. The case involves an application filed by the financial creditor, State Bank of India, for…

- **Court:** NCLT
- **Order date:** 8 Nov 2021
- **Citation:** TCN-2021-NCLT-00582
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/indo-alusys-industries-ltd-ib-925pb-2020-2e09fa91

## Summary

### Background

The case involves an application filed by the financial creditor, State Bank of India, for withdrawal of the main Company Petition No. (IB)-925(PB)/2020. The withdrawal is based on a settlement reached between the parties involved.

## Facts

State Bank of India, the financial creditor, filed an application to withdraw the main Company Petition No. (IB)-925(PB)/2020 against M/s. Indo Alusys Industries Ltd. The application, IA-5037/2021, was filed because the parties reached a settlement. The main petition was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016. The court considered the settlement as a valid reason for withdrawal.

## Issues and analysis

### Issue 1: Whether the settlement arrived at between the parties justifies the withdrawal of the main Company …

**Ratio:** A settlement between parties in a corporate insolvency resolution process can form a

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**Reasoning:** The court reasoned that since the parties have arrived at a settlement, allowing the

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**Interpretation:** The interpretation of the law allows for the withdrawal of a petition if a

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

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## Parties

- **Judges:** Ramalingam…; Sh. Hemant Kumar…
- **Appellants:** State Bank of…
- **Respondents:** M/s. Indo Alusys…

## Timeline

- **2020-01-01 — Main Company Petition…**: Main Company Petition No.…
- **2021-11-08 — Order Del…**: Order delivered allowing the withdrawal of the…

## 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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