# In the matter of Saini Ispat Pvt. Ltd. CP(IB)No. 791-9-NCLT-AHM-2019

> NCLT judgment dated 2021-03-02. Citation: TCN-2021-NCLT-02848. The case pertains to CP(IB)No. 791/9/NCLT/AHM/2019 before the Ahmedabad Bench of the National…

- **Court:** NCLT
- **Order date:** 2 Mar 2021
- **Citation:** TCN-2021-NCLT-02848
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/saini-ispat-pvt-ltd-cpibno-791-9-nclt-ahm-2019-5e53fff6

## Summary

### Background

The case pertains to CP(IB)No. 791/9/NCLT/AHM/2019 before the Ahmedabad Bench of the National Company Law Tribunal. Shree Chamunda Coal Pvt Ltd filed a case against Saini Ispat Pvt Ltd under Section 9 of the Insolvency & Bankruptcy Code, 2016.

## Facts

Shree Chamunda Coal Pvt Ltd initiated insolvency proceedings against Saini Ispat Pvt Ltd under Section 9 of the Insolvency & Bankruptcy Code, 2016. The Operational Creditor, represented by FCA Ms. Jolly Patal, appeared before the court and stated that the matter had been settled and withdrawn. The court granted permission for the withdrawal, leading to the disposal of CP (IB) 791 of 2019.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the insolvency application after settlement with the …

**Ratio:** An operational creditor has the right to withdraw an insolvency application if a

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**Reasoning:** The court granted permission for withdrawal based on the statement made by the

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**Interpretation:** The interpretation is that the court acknowledges the right of the Operational

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**Application:** In this specific case, the Operational Creditor's statement of settlement and

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Shree Chamunda…
- **Respondents:** Saini Ispat Pvt…

## Timeline

- **2021-03-02 — Hearing…**: Hearing before the Ahmedabad Bench of…
- **2019-01-01 — Case Fil…**: CP (IB) 791 of 2019 was…

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