# 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-04305. 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-04305
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sati-poly-plast-pvt-ltd-cp-ib-no-839-kb-2018-e6ff5fa8

## 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 filed a Corporate Insolvency Resolution Process (CIRP) application under Section 9 of the IBC.

## Facts

CYMK Inks LLP (Operational Creditor) filed a Corporate Insolvency Resolution Process (CIRP) application against Sati Poly Plast Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code (IBC). During the hearing on March 27, 2019, the Operational Creditor's counsel informed the Tribunal that the matter had been settled out of court and requested permission to withdraw the CIRP application. The Tribunal granted the permission, leading to the disposal of the CIRP application.

## Issues and analysis

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

**Ratio:** The Tribunal has the discretion to allow the withdrawal of a Corporate Insolvency

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**Reasoning:** The Tribunal considered the submission of the Operational Creditor's counsel that the

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**Interpretation:** This case demonstrates the Tribunal's willingness to facilitate settlements

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**Application:** In this specific case, the Tribunal applied the principle of facilitating

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## Parties

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

## Timeline

- **2018-01-01 — CP (IB)…**: CP (IB) No. 839/KB/2018…
- **2019-03-27 — Hearing…**: Hearing held on March 27, 2019, at 10:30 A.M. The Operational Creditor sought permission…

## 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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