# In the matter of Jairam Foundry Private Limited C.P (IB) No. 235-09-HDB-2019

> NCLT judgment dated 2019-07-16. Citation: TCN-2019-NCLT-02489. The case involves a petition filed by Graphite & Mineral Products, an operational creditor,…

- **Court:** NCLT
- **Order date:** 16 Jul 2019
- **Citation:** TCN-2019-NCLT-02489
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jairam-foundry-private-limited-cp-ib-no-235-09-hdb-2019-e770a1f1

## Summary

### Background

The case involves a petition filed by Graphite & Mineral Products, an operational creditor, against Jairam Foundry Pvt Ltd, the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The operational creditor filed a withdrawal memo stating that the corporate debtor had paid the outstanding amount of Rs. 12,09,950 through NEFT.

## Facts

Graphite & Mineral Products, the operational creditor, initiated insolvency proceedings against Jairam Foundry Pvt Ltd, the corporate debtor, under Section 9 of the IBC. The operational creditor claimed an outstanding debt of Rs. 12,09,950. Before the petition was admitted, the corporate debtor made the full payment to the operational creditor via NEFT. Consequently, the operational creditor filed a withdrawal memo seeking to withdraw the petition. The court acknowledged the settlement and permitted the withdrawal.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the petition filed under Section 9 of IBC, 2016, …

**Ratio:** An operational creditor is permitted to withdraw an insolvency petition filed under

…

**Reasoning:** The court reasoned that since the operational creditor received the full payment from the

…

**Interpretation:** This interprets the IBC and related rules to allow for amicable resolution of

…

**Application:** In this case, the operational creditor, Graphite & Mineral Products,

…

## Parties

- **Judges:** Ratakonda…; Ratakonda…
- **Appellants:** Graphite &…
- **Respondents:** Jairam Foundry…

## Timeline

- **2019-04-24 — Hearing…**: Hearing held on…
- **2019-05-16 — Hearing…**: Hearing held on…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/jairam-foundry-private-limited-cp-ib-no-235-09-hdb-2019-e770a1f1