# In the matter of SKC Infra Tech Pvt. Ltd. (IB) 700-ND- 2020

> NCLT judgment dated 2021-05-17. Citation: TCN-2021-NCLT-02128. The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 17 May 2021
- **Citation:** TCN-2021-NCLT-02128
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/skc-infra-tech-pvt-ltd-ib-700-nd-2020-978e3517

## Summary

### Background

The case involves an application under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) read with Rule 11 of the NCLT Rules, 2016, filed by the operational creditor seeking withdrawal of the matter. The withdrawal request is based on a deed of settlement dated 12.04.2021 entered into between the operational creditor and the corporate debtor.

## Facts

M/s. GS Steel, the operational creditor, initiated proceedings under Section 9 of the IBC against M/s. SKC Infra Tech Pvt. Ltd., the corporate debtor. Subsequently, the operational creditor and the corporate debtor entered into a settlement deed dated 12.04.2021. Based on this settlement, the operational creditor filed an application under Section 60(5) of the IBC read with Rule 11 of the NCLT Rules, 2016, seeking to withdraw the insolvency petition. The NCLT considered the submissions and the settlement deed before dismissing the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the insolvency petition based on the settlement deed …

**Ratio:** Rule 8 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules,

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**Reasoning:** The NCLT considered the settlement deed dated 12.04.2021 and the submissions made by the

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**Interpretation:** Section 60(5) of the IBC provides the NCLT with the jurisdiction to entertain

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**Application:** The settlement deed dated 12.04.2021 was presented as evidence of the agreement

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## Parties

- **Judges:** P.S.N. P…; SHRI, NARENDER…
- **Appellants:** M/s. GS…
- **Respondents:** M/s. SKC Infra…
- **Advocates:** Rahul Mend…; Avtaar…

## Timeline

- **2021-04-12 — Settlemen…**: Operational creditor and corporate…
- **2021-05-17 — Order Del…**: Order delivered dismissing the petition as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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