# in the matter of JBF Petrochemicals Ltd. C. P. (I.B) No. 223-9-NCLT-AHM-2019

> NCLT judgment dated 2020-07-01. Citation: TCN-2020-NCLT-01086. The case pertains to C.P. (I.B) No. 223/9/NCLT/AHM/2019 before the Ahmedabad Bench of the…

- **Court:** NCLT
- **Order date:** 1 Jul 2020
- **Citation:** TCN-2020-NCLT-01086
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jbf-petrochemicals-ltd-c-p-ib-no-223-9-nclt-ahm-2019-471de5dd

## Summary

### Background

The case pertains to C.P. (I.B) No. 223/9/NCLT/AHM/2019 before the Ahmedabad Bench of the National Company Law Tribunal. The hearing was conducted through video conferencing on July 1, 2020. Kewaunee Scientific Corporation India Pvt Ltd filed the case against JBF Petrochemicals Ltd under Section 9 of the Insolvency and Bankruptcy Code.

## Facts

Kewaunee Scientific Corporation India Pvt Ltd initiated insolvency proceedings against JBF Petrochemicals Ltd under Section 9 of the Insolvency and Bankruptcy Code. During the proceedings before the Ahmedabad Bench of the National Company Law Tribunal, the Operational Creditor, represented by Mr. Manan K. Paneri, stated that the matter had been settled. Consequently, the Operational Creditor sought permission to withdraw the proceedings, which was granted by the NCLT. The proceedings were then withdrawn and disposed of.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be granted permission to withdraw the insolvency …

**Ratio:** When parties reach a settlement in an insolvency proceeding, the court has the discretion

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**Reasoning:** The court reasoned that since the Operational Creditor stated that the matter was

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**Interpretation:** This interpretation acknowledges the court's power to facilitate settlements

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**Application:** In this case, the Operational Creditor's statement of settlement led the court

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Kewaunee Scientifi…
- **Respondents:** JBF Petrochemicals…
- **Advocates:** Manan K P…

## Timeline

- **2020-07-01 — Hearing…**: Hearing conducted through video conferencing before the Ahmedabad Bench of the National…
- **2020-07-01 — Withdrawal of…**: The Operational Creditor sought permission to withdraw the proceedings based on a…

## 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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