# In the matter of jairam Foundry Pvt. Ltd. CP (IB) No. 163-9-HDB-2020

> NCLT judgment dated 2021-07-22. Citation: TCN-2021-NCLT-01660. The case pertains to CP (IB) No. 163/9/HDB/2020 filed under Section 9 of the IBC. The Learned…

- **Court:** NCLT
- **Order date:** 22 Jul 2021
- **Citation:** TCN-2021-NCLT-01660
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jairam-foundry-pvt-ltd-cp-ib-no-163-9-hdb-2020-85430182

## Summary

### Background

The case pertains to CP (IB) No. 163/9/HDB/2020 filed under Section 9 of the IBC. The Learned Counsel for the Operational Creditor and the Learned Counsel for the Corporate Debtor appeared. Both parties submitted that the matter is settled, and a joint memo was filed and taken on record.

## Facts

The case involves CP (IB) No. 163/9/HDB/2020. Jairam Foundry Pvt Ltd is the company involved, with S A Packaging as the petitioner and Jairam Foundry Pvt Ltd as the respondent. The application was filed under Section 9 of the IBC. Both the Learned Counsel for the Operational Creditor and the Learned Counsel for the Corporate Debtor appeared and submitted that the matter had been settled. A joint memo was filed and taken on record. The Learned Counsel for the Operational Creditor sought permission to withdraw the petition, which was granted by the court. Consequently, the matter was withdrawn and disposed of.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the IBC can be withdrawn based on the settlement …

**Ratio:** A petition can be withdrawn if the parties have settled the matter and a joint memo is

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**Reasoning:** The court acknowledged the settlement between the parties, as evidenced by the joint memo

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**Interpretation:** The legal interpretation is that when parties involved in a petition under

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**Application:** In this specific case, since both the Operational Creditor and the Corporate

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…; +1 more
- **Appellants:** S A Pack…
- **Respondents:** Jairam Foundry…

## Timeline

- **2021-07-22 — Hearing…**: Hearing held on 22.07.2021 at 10:30 AM where both counsels appeared and submitted the…

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