# In the matter of Metenere Ltd. (IB)-437(PB)-2019

> NCLT judgment dated 2019-08-26. Citation: TCN-2019-NCLT-01770. The case involves TRL Krosaki Refractories Ltd. as the applicant/petitioner and Metenere Ltd.…

- **Court:** NCLT
- **Order date:** 26 Aug 2019
- **Citation:** TCN-2019-NCLT-01770
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/metenere-ltd-ib-437pb-2019-0a6f45e5

## Summary

### Background

The case involves TRL Krosaki Refractories Ltd. as the applicant/petitioner and Metenere Ltd. as the respondent. The matter was brought before the National Company Law Tribunal (NCLT), New Delhi, under Section 9 of the Insolvency & Bankruptcy Code, 2016.

## Facts

TRL Krosaki Refractories Ltd. filed a petition against Metenere Ltd. under Section 9 of the Insolvency & Bankruptcy Code, 2016. The parties involved reached an amicable settlement. The petitioner's counsel then applied for the withdrawal of the petition as per Rule 8 of the Adjudicating Authority Rules, 2016. The court granted liberty to the parties to move appropriate applications when necessary and dismissed the petition as withdrawn. The amicable settlement between the parties is the key fact leading to the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the Insolvency & Bankruptcy Code, 2016, should be …

**Ratio:** A petition can be withdrawn if the parties have amicably settled the matter, and the

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**Reasoning:** The court considered the statement of the petitioner's counsel that the parties had

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**Interpretation:** This legal issue involves the interpretation of the provisions related to the

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**Application:** In this specific case, the ratio and reasoning were applied to the fact that

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## Parties

- **Judges:** DEEPTI M…; SH. S.K MOH…
- **Appellants:** TRL Krosaki…
- **Respondents:** Metenere…
- **Advocates:** Piyush…; Arvind…; +1 more

## Timeline

- **2016-01-01 — Enactment…**: Insolvency & Bankruptcy…
- **2019-08-26 — Order Del…**: Order delivered on 26.08.2019,…

## 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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