# In the matter of Sati Poly Plast Pvt. Ltd. CP (IB) No. 839-KB-2018

> NCLT judgment dated 2019-03-27. Citation: TCN-2019-NCLT-04300. The case involves CYMK Inks LLP as the Operational Creditor and Sati Poly Plast Pvt. Ltd. as…

- **Court:** NCLT
- **Order date:** 27 Mar 2019
- **Citation:** TCN-2019-NCLT-04300
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sati-poly-plast-pvt-ltd-cp-ib-no-839-kb-2018-98115448

## Summary

### Background

The case involves CYMK Inks LLP as the Operational Creditor and Sati Poly Plast Pvt. Ltd. as the Corporate Debtor. The Operational Creditor sought to withdraw the Corporate Petition (CP) as the matter was settled out of the Tribunal.

## Facts

CYMK Inks LLP filed a Corporate Petition (CP) against Sati Poly Plast Pvt. Ltd. under Section 9 of the IBC. During the hearing on March 27, 2019, the counsel for the Operational Creditor, CYMK Inks LLP, submitted that the matter had been settled out of the Tribunal. Consequently, the Operational Creditor sought permission to withdraw the CP. The Tribunal granted the permission, and the CP was disposed of as withdrawn. The key fact is the out-of-court settlement leading to the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the Tribunal should grant permission to the Operational Creditor to withdraw the Corporate …

**Ratio:** The legal principle applied here is the Tribunal's discretion to allow the withdrawal of

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**Reasoning:** The Tribunal reasoned that since the matter was settled out of court, allowing the

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**Interpretation:** The interpretation of the law here involves understanding the Tribunal's power

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**Application:** In this specific case, the ratio and reasoning were applied by granting

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## Parties

- **Judges:** Jinan…
- **Appellants:** CYMK Ink…
- **Respondents:** Sati Poly Plast…

## Timeline

- **2019-03-27 — Hearing…**: Hearing held on March…
- **2019-03-27 — Withdrawal…**: Operational Creditor's counsel submitted that the matter was settled out of the Tribunal…

## 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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