# In the matter of River Side Utilities Pvt. Ltd. CP(IB) No. 1315-KB-2018

> NCLT judgment dated 2018-11-16. Citation: TCN-2018-NCLT-00326. The case pertains to CP(IB) No. 1315/KB/2018 filed under Section 9 of the IBC. The Operational…

- **Court:** NCLT
- **Order date:** 16 Nov 2018
- **Citation:** TCN-2018-NCLT-00326
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/river-side-utilities-pvt-ltd-cpib-no-1315-kb-2018-319cc163

## Summary

### Background

The case pertains to CP(IB) No. 1315/KB/2018 filed under Section 9 of the IBC. The Operational Creditor sought to initiate corporate insolvency resolution process against the Corporate Debtor, River Side Utilities Pvt. Ltd.

## Facts

The case CP(IB) No. 1315/KB/2018 was filed under Section 9 of the IBC. The Operational Creditor, represented by Basabraj Chakraborty, claimed dues from the Corporate Debtor, River Side Utilities Pvt. Ltd. The Operational Creditor's counsel stated that the Demand Drafts for the due amount were received, leading to an out-of-tribunal settlement. Consequently, the Operational Creditor requested permission to withdraw the C.P., which was granted by the Tribunal.

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be granted permission to withdraw the C.P. given the …

**Ratio:** When a matter is settled out of court and the Operational Creditor seeks to withdraw the

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**Reasoning:** The court reasoned that since the Operational Creditor received the Demand Drafts for the

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**Interpretation:** This interpretation allows for the efficient resolution of disputes outside of

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**Application:** In this case, the Operational Creditor received the Demand Drafts, indicating a

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## Parties

- **Judges:** Jinan…
- **Respondents:** River Side…; Secure Mete…

## Timeline

- **2018-11-16 — Hearing…**: Hearing held on November…
- **N/A — Settleme…**: The matter was settled…

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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/river-side-utilities-pvt-ltd-cpib-no-1315-kb-2018-319cc163