# M/s. Tegral India Private Limited vs. M/s. Aastha Autotech Private Limited

> NCLT judgment dated 2026-09-24. Citation: TCN-2026-NCLT-01039. M/s. Tegral India Private Limited, as the Operational Creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 24 Sept 2026
- **Citation:** TCN-2026-NCLT-01039
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ms-tegral-india-private-limited-vs-ms-aastha-autotech-private-limited-i7959

## Summary

### Background

M/s. Tegral India Private Limited, as the Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Aastha Autotech Private Limited, the Corporate Debtor, for an outstanding amount of Rs. 1,46,64,585.61/-. The Company Petition was pending admission before the National Company Law Tribunal, Chandigarh Bench.

## Facts

M/s. Tegral India Private Limited (Applicant/Operational Creditor) filed an application under Rule 8 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.

The application sought withdrawal of the Company Petition CP(IB) No. 36/Chd/Pb/2026.

The Company Petition was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, against M/s. Aastha Autotech Private Limited (Respondent/Corporate Debtor).

The Company Petition sought initiation of Corporate Insolvency Resolution Process (CIRP) for an alleged outstanding amount of Rs. 1,46,64,585.61/-.

The Company Petition was yet to be admitted by the Tribunal.

The parties amicably resolved the dispute and executed a Settlement Agreement dated 01.09.2026.

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## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Company Petition should be allowed given that the …

**Ratio:** An application for withdrawal of a Company Petition can be allowed if the parties have

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**Reasoning:** The parties executed a Settlement Agreement dated 01.09.2026, resolving the dispute. The

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**Interpretation:** The Tribunal has the discretion to permit the withdrawal of an application for

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**Application:** Based on the amicable settlement and the bona fide request for withdrawal made

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## Parties

- **Judges:** KHETRABASI…; SHISHIR A…
- **Appellants:** M/s. Tegral India…
- **Respondents:** M/s. Aastha…
- **Advocates:** Mr Gaurav J…; Mr Harkirat Singh…

## Timeline

- **2026-09-01 — Settlement Agreement…**: The parties amicably resolved the dispute…
- **2026-09-09 — Tribunal's Order for…**: The Tribunal issued an order granting three days' time to the Applicant to explain 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)

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