# In the matter of Metronic Engineering Pvt. Ltd. CP (IB) No. 655-9-HDB-2019

> NCLT judgment dated 2021-07-07. Citation: TCN-2021-NCLT-01832. The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 7 Jul 2021
- **Citation:** TCN-2021-NCLT-01832
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/metronic-engineering-pvt-ltd-cp-ib-no-655-9-hdb-2019-7d885881

## Summary

### Background

The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). The operational creditor sought to initiate corporate insolvency resolution process against the corporate debtor.

## Facts

The operational creditor, Autocop India Pvt Ltd, initiated proceedings against the corporate debtor, Metronic Engineering Pvt Ltd, under Section 9 of the IBC. Both parties reached a settlement and filed a joint memo of settlement. The operational creditor then sought permission to withdraw the petition. The key fact is the settlement between the parties, leading to the request for withdrawal.

## Issues and analysis

### Issue 1: Whether the operational creditor should be granted permission to withdraw the petition based on the …

**Ratio:** A petition can be withdrawn if the parties have reached a settlement and the operational

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**Reasoning:** The court considered the joint memo of settlement filed by both parties, indicating that

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**Interpretation:** This case interprets the provisions of the IBC regarding the withdrawal of a

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

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## Parties

- **Judges:** Shrimadan…; Veera Brahma Rao…
- **Appellants:** Autocop India Pvt…
- **Respondents:** Metronic Engineeri…

## Timeline

- **2021-07-07 — Hearing…**: Hearing held on July 7,…
- **N/A — Settleme…**: Both parties submitted that the matter is…

## 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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