# In the matter of K. P. Energy Ltd. CP(IB)-370(AHM)2020

> NCLT judgment dated 2021-06-22. Citation: TCN-2021-NCLT-01931. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 22 Jun 2021
- **Citation:** TCN-2021-NCLT-01931
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/k-p-energy-ltd-cpib-370ahm2020-72cc90ec

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The matter was brought before the National Company Law Tribunal (NCLT), Ahmedabad. The applicant is Samarth Lifers Pvt Ltd, and the respondent is KP Energy Ltd. The Learned Counsels submitted that the matter is settled between the parties, and a withdrawal purshish has been filed. The Operational Creditor sought permission to withdraw the IB petition.

## Facts

Samarth Lifers Pvt Ltd filed an application against KP Energy Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC) before the National Company Law Tribunal (NCLT), Ahmedabad. During the proceedings, both parties reached a settlement. The Learned Counsels representing both sides informed the court about the settlement and filed a withdrawal purshish. The Operational Creditor, Samarth Lifers Pvt Ltd, requested permission from the court to withdraw the insolvency petition. The relevance of these facts lies in the resolution of the dispute between the parties, leading to the withdrawal of the insolvency proceedings.

## Issues and analysis

### Issue 1: Whether the NCLT should grant permission to the Operational Creditor to withdraw the insolvency …

**Ratio:** The legal principle applied is that if parties to an insolvency petition reach a

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**Reasoning:** The court's reasoning is based on the submission by the Learned Counsels that the matter

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**Interpretation:** The interpretation is that the IBC aims to promote settlement and resolution of

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**Application:** In this specific case, the Learned Counsels submitted that the matter is

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## Parties

- **Judges:** Madan B.…; Chockalingam…
- **Appellants:** Samarth Lifers…
- **Respondents:** KP Energ…

## Timeline

- **2021-06-22 — Order Del…**: The order was delivered on June…

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