# In the matter of Jindal India Thermal Power Ltd. (IB)-2425(PB)-2019

> NCLT judgment dated 2021-07-06. Citation: TCN-2021-NCLT-01840. The case involves an application filed for the withdrawal of a company petition. The withdrawal…

- **Court:** NCLT
- **Order date:** 6 Jul 2021
- **Citation:** TCN-2021-NCLT-01840
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jindal-india-thermal-power-ltd-ib-2425pb-2019-b1a0feb1

## Summary

### Background

The case involves an application filed for the withdrawal of a company petition. The withdrawal is based on a settlement reached between the corporate debtor and the petitioner. The petitioner also seeks the liberty to revive the petition if the corporate debtor fails to make the payment.

## Facts

ICICI Bank Ltd filed a company petition against Jindal India Thermal Power Ltd. Subsequently, a settlement was reached between the two parties. ICICI Bank Ltd then filed an application (IA-2750/2021) to withdraw the company petition, seeking liberty to revive the petition if Jindal India Thermal Power Ltd fails to make the payment as per the settlement. The application was filed under Section 7 of the Insolvency and Bankruptcy Code.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the company petition should be allowed in view of the …

**Ratio:** The court has the discretion to allow the withdrawal of a company petition if a

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**Reasoning:** The court considered the settlement reached between ICICI Bank Ltd and Jindal India

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**Interpretation:** The settlement indicates that the parties have resolved their dispute outside

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**Application:** The court applied the principle of allowing withdrawal upon settlement to the

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## Parties

- **Judges:** SH. BHASKARA…; Sh. Hemant Kumar…
- **Appellants:** ICICI Ban…
- **Respondents:** Jindal India…

## Timeline

- **2021-07-06 — Order Del…**: Order delivered on the application for…

## 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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