# In the matter of Maa Mangla Ispat (P) Ltd. CP (IB) No. 899-KB-2018

> NCLT judgment dated 2019-01-23. Citation: TCN-2019-NCLT-05190. The case pertains to CP (IB) No. 899/KB/2018 before the National Company Law Tribunal, Kolkata…

- **Court:** NCLT
- **Order date:** 23 Jan 2019
- **Citation:** TCN-2019-NCLT-05190
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maa-mangla-ispat-p-ltd-cp-ib-no-899-kb-2018-e188428d

## Summary

### Background

The case pertains to CP (IB) No. 899/KB/2018 before the National Company Law Tribunal, Kolkata Bench. The hearing was held on January 23, 2019. The matter involves M/s. Kapoor Transport as the operational creditor and M/s. Maa Mangla Ispat (P) Ltd as the corporate debtor. The application was filed under Section 9 of the IBC.

## Facts

The case involves M/s. Kapoor Transport (Operational Creditor) and M/s. Maa Mangla Ispat (P) Ltd (Corporate Debtor). The hearing took place on January 23, 2019. The application was filed under Section 9 of the IBC. The Operational Creditor's counsel submitted that they are not pressing the application due to an amicable settlement between the parties. The cost has been paid as per the order dated 04/12/2018, and the Certificate of Receipt of deposits has been submitted. This indicates that the parties have reached an agreement outside of court, leading the Operational Creditor to withdraw their application.

## Issues and analysis

### Issue 1: Whether the application filed by the Operational Creditor under Section 9 of the IBC should be …

**Ratio:** When parties reach an amicable settlement and the Operational Creditor does not wish to

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**Reasoning:** The court accepted the submission of the Operational Creditor's counsel that they are not

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**Interpretation:** This reflects the principle that courts generally respect and facilitate

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**Application:** In this case, the Operational Creditor and Corporate Debtor reached an amicable

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## Parties

- **Judges:** Jinan…
- **Appellants:** M/s. Kapoor…
- **Respondents:** M/s. Maa Mangla…

## Timeline

- **2018-12-04 — Order Da…**: An order was issued…
- **2019-01-23 — Hearing…**: Hearing held where the Operational Creditor's counsel submitted that they are not…

## 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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