# In the matter of Karuturi Global Limited C.P. (IB) No. 192-BB-2018

> NCLT judgment dated 2019-07-22. Citation: TCN-2019-NCLT-02384. M/s. Interfreight Forwarders Pvt. Ltd. filed C.P. (IB) No.192/BB/2018 under Section 9 of the…

- **Court:** NCLT
- **Order date:** 22 Jul 2019
- **Citation:** TCN-2019-NCLT-02384
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/karuturi-global-limited-cp-ib-no-192-bb-2018-af3c072f

## Summary

### Background

M/s. Interfreight Forwarders Pvt. Ltd. filed C.P. (IB) No.192/BB/2018 under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Karuturi Global Limited, the Corporate Debtor, due to a default of Rs.57,61,794/-. The case was listed on multiple dates and adjourned for various reasons, including completion of pleadings and settlement discussions.

## Facts

M/s. Interfreight Forwarders Pvt. Ltd. (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Karuturi Global Limited (Corporate Debtor) for a default of Rs.57,61,794/-. The parties engaged in discussions and arrived at a settlement, documented in a Joint Memo dated 22.07.2019. According to the Joint Memo, the Corporate Debtor agreed to repay the debt through four post-dated cheques. The Operational Creditor then sought to withdraw the application, reserving the right to file a fresh application if the Corporate Debtor breached the terms of the Joint Memo. The Respondent did not object to the withdrawal. The key fact is the settlement agreement and the subsequent request for withdrawal of the petition based

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## Issues and analysis

### Issue 1: Whether the Petitioner should be granted …

**Ratio:** A company petition can be withdrawn if the parties have reached a settlement and the

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**Reasoning:** The court considered the pleadings of both parties and noted that the Company Petition

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**Interpretation:** This implies that the court has the discretion to allow the withdrawal of a

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**Application:** In this case, the Petitioner sought to withdraw the petition based on a

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s. Interfreight…
- **Respondents:** M/s Karuturi…
- **Advocates:** Raghuram C…; Naman Jhab…

## Timeline

- **2018-10-30 — Case Listed for…**: The case was listed for…
- **2018-11-27 — Case Listed for…**: The case was listed for…

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