# In the matter of Pradeep Structural Development Pvt. Ltd. CP (IB) No. 1614-KB-2018

> NCLT judgment dated 2019-09-06. Citation: TCN-2019-NCLT-01533. The case pertains to CP (IB) No. 1614/KB/2018 before the National Company Law Tribunal, Kolkata…

- **Court:** NCLT
- **Order date:** 6 Sept 2019
- **Citation:** TCN-2019-NCLT-01533
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pradeep-structural-development-pvt-ltd-cp-ib-no-1614-kb-2018-a2fc5a8f

## Summary

### Background

The case pertains to CP (IB) No. 1614/KB/2018 before the National Company Law Tribunal, Kolkata Bench. The matter involves M/s. NLB Steels Pvt. Ltd. versus M/s. Pradeep Structural Development Pvt. Ltd. The hearing took place on September 6, 2019.

## Facts

The case involves M/s. NLB Steels Pvt. Ltd. as the operational creditor and M/s. Pradeep Structural Development Pvt. Ltd. as the corporate debtor. The parties settled the dispute, leading the CoC to pass a resolution on August 24, 2019, with 100% votes to withdraw the matter. This settlement is a key fact because it forms the basis for the court's decision to allow the withdrawal of the Corporate Petition. The IRP also appeared and submitted that the parties have settled the dispute.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Corporate Petition should be allowed based on the …

**Ratio:** The legal principle applied is that if parties settle a dispute and the CoC approves the

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**Reasoning:** The court reasoned that since the parties have settled the dispute and the CoC has passed

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**Interpretation:** This involves interpreting Section 12A of the IBC, which allows for the

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

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** M/s. NLB Steels…
- **Respondents:** M/s. Pradeep…

## Timeline

- **2019-08-24 — CoC Meet…**: The Committee of Creditors (CoC) passed a resolution for withdrawing the matter with 100%…
- **2019-09-06 — Hearing…**: Hearing took place on 6th September, 2019, where the court considered the settlement and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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