# In the matter of KLR Industries Ltd. CP(IB) No. 333-9-HDB-2019

> NCLT judgment dated 2019-08-27. Citation: TCN-2019-NCLT-01757. The case involves a petition filed by Dantal Hydraulics Pvt Ltd, the Operational Creditor,…

- **Court:** NCLT
- **Order date:** 27 Aug 2019
- **Citation:** TCN-2019-NCLT-01757
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/klr-industries-ltd-cpib-no-333-9-hdb-2019-fd8be488

## Summary

### Background

The case involves a petition filed by Dantal Hydraulics Pvt Ltd, the Operational Creditor, against KLR Industries Ltd, the Corporate Debtor, under Section 9 of the IBC, 2016. The Operational Creditor filed the petition for the recovery of an amount. The matter was listed before the National Company Law Tribunal (NCLT), Hyderabad Bench.

## Facts

Dantal Hydraulics Pvt Ltd, the Operational Creditor, initiated proceedings against KLR Industries Ltd, the Corporate Debtor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was filed before the National Company Law Tribunal (NCLT), Hyderabad Bench. During the proceedings, both parties reached a settlement. The Operational Creditor received the full and final settlement amount of the claim. Consequently, the Operational Creditor filed a withdrawal memo. The petition was not yet admitted at the time of the settlement. The relevance of the settlement is that it led to the dismissal of the petition, resolving the dispute between the parties.

## Issues and analysis

### Issue 1: Whether the petition filed by the Operational Creditor can be dismissed as withdrawn, given the …

**Ratio:** A petition can be dismissed as withdrawn when the parties have reached a settlement, and

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**Reasoning:** The court reasoned that since the Operational Creditor had received the full and final

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**Interpretation:** The interpretation is that the court recognizes and respects the settlement

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**Application:** In this specific case, the Operational Creditor, Dantal Hydraulics Pvt Ltd,

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## Parties

- **Judges:** Ratakonda…; Narender Kumar…; +1 more
- **Respondents:** KLR Industr…

## Timeline

- **2019-08-06 — Hearing…**: Case was heard on this…
- **2019-08-14 — Hearing…**: Case was heard on this…

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