# In the matter of Mcnally Engineering Ltd. CP(IB)No. 1353-KB-2018

> NCLT judgment dated 2019-08-02. Citation: TCN-2019-NCLT-02140. The case involves Prime Steels versus Menaly Sayaji Engineering Ltd. under Section 9 of the…

- **Court:** NCLT
- **Order date:** 2 Aug 2019
- **Citation:** TCN-2019-NCLT-02140
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mcnally-engineering-ltd-cpibno-1353-kb-2018-f7cfb943

## Summary

### Background

The case involves Prime Steels versus Menaly Sayaji Engineering Ltd. under Section 9 of the IBC. The matter was listed before the National Company Law Tribunal, Kolkata Bench.

## Facts

Prime Steels initiated a case against Menaly Sayaji Engineering Ltd. under Section 9 of the Insolvency and Bankruptcy Code (IBC). During the proceedings before the National Company Law Tribunal (NCLT), Kolkata Bench, both parties jointly submitted that they had reached a settlement outside the Tribunal. Consequently, the Operational Creditor sought permission from the Tribunal to withdraw the Corporate Petition (CP). The key fact is the out-of-court settlement leading to the withdrawal request.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant permission to the Operational Creditor to withdraw the Corporate …

**Ratio:** The legal principle applied here is the Tribunal's discretion to allow the withdrawal of

…

**Reasoning:** The Tribunal reasoned that since both parties jointly submitted that the matter was

…

**Interpretation:** This reflects the interpretation that the Tribunal encourages and respects

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Prime S…
- **Respondents:** Menaly Sayaji…

## Timeline

- **2019-08-02 — Hearing…**: Hearing held on August…
- **N/A — Settlement Su…**: Parties jointly submitted that the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/mcnally-engineering-ltd-cpibno-1353-kb-2018-f7cfb943