# In the matter of Jain Irrigation System Ltd. C.P.(IB)-58(MB)/2020

> NCLT judgment dated 2020-02-19. Citation: TCN-2020-NCLT-01895. The case pertains to C.P.(IB)-58(MB)/2020 filed under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 19 Feb 2020
- **Citation:** TCN-2020-NCLT-01895
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jain-irrigation-system-ltd-cpib-58mb2020-b827d70c

## Summary

### Background

The case pertains to C.P.(IB)-58(MB)/2020 filed under Section 9 of the Insolvency and Bankruptcy Code. The Operational Creditor sought to withdraw the petition based on a full and final settlement of claims.

## Facts

Plastica Alfa Spa filed a petition against Jain Irrigation Systems Ltd. under Section 9 of the Insolvency and Bankruptcy Code. The Operational Creditor, Plastica Alfa Spa, subsequently filed a memo to withdraw the petition, citing a full and final settlement of the claims. The court took the withdrawal memo on record.

## Issues and analysis

### Issue 1: Whether the petition C.P.(IB)-58(MB)/2020 should be dismissed based on the Operational Creditor's …

**Ratio:** A petition can be dismissed as withdrawn when the Operational Creditor files a memo

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**Reasoning:** The court accepted the Operational Creditor's memo for withdrawal, indicating that the

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**Interpretation:** The legal principle allows for the withdrawal of a petition when the parties

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**Application:** In this case, the Operational Creditor, Plastica Alfa Spa, filed a memo to

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## Parties

- **Judges:** Rajasekha…; Ravikumar…; +1 more
- **Appellants:** Plastica Al…
- **Respondents:** Jain Irrigation…

## Timeline

- **2020-02-19 — Order Sheet of…**: Order sheet of the hearing of Mumbai Bench…
- **2020-02-19 — Petition Di…**: C.P.(IB)-58(MB)/2020 is…

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