# In the matter of SKG Pulp & Paper Mills Pvt. Ltd. CA(IB)No.53-KB-2018 In CP(IB) No.663-KB-2018

> NCLT judgment dated 2019-01-25. Citation: TCN-2019-NCLT-05161. The case involves an application filed by the Operational Creditor seeking permission to…

- **Court:** NCLT
- **Order date:** 25 Jan 2019
- **Citation:** TCN-2019-NCLT-05161
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/skg-pulp-paper-mills-pvt-ltd-caibno53-kb-2018-in-cpib-no663-kb-2018-2e5fd332

## Summary

### Background

The case involves an application filed by the Operational Creditor seeking permission to withdraw the application. The matter was settled out of the Tribunal, leading the applicant to not press the C.P.

## Facts

The Operational Creditor filed a Corporate Insolvency Resolution Process (CIRP) application against SKG Pulp & Paper Mills Pvt. Ltd. Subsequently, the matter was settled out of the Tribunal. As a result, the Operational Creditor sought permission to withdraw the CIRP application. The Tribunal considered the application for withdrawal and marked the C.P. as 'not pressed'. This indicates that the applicant is no longer pursuing the CIRP due to the settlement.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can withdraw the CIRP application based on a settlement reached …

**Ratio:** An Operational Creditor can withdraw a CIRP application if a settlement has been reached

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**Reasoning:** The Tribunal acknowledges the settlement between the parties as a valid reason for

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**Interpretation:** This interprets the Insolvency and Bankruptcy Code (IBC) to allow for

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**Application:** In this case, the Operational Creditor's decision to withdraw the application

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## Parties

- **Judges:** Jinan…
- **Respondents:** SKG Pulp & Paper…; Satinder…

## Timeline

- **2019-01-25 — Hearing…**: Hearing on the application for…
- **2019-01-25 — Order Da…**: Order passed disposing of the application…

## 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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