# In the matter of SR Marine Foods Pvt. Ltd. IBA-1368-2019

> NCLT judgment dated 2021-07-26. Citation: TCN-2021-NCLT-01619. The case involves a petition under the Insolvency and Bankruptcy Code (IBC). The petitioner…

- **Court:** NCLT
- **Order date:** 26 Jul 2021
- **Citation:** TCN-2021-NCLT-01619
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sr-marine-foods-pvt-ltd-iba-1368-2019-042a2ac6

## Summary

### Background

The case involves a petition under the Insolvency and Bankruptcy Code (IBC). The petitioner sought to withdraw the petition based on a settlement deed reached with the respondent. The settlement deed was dated 2021-06-30. The petitioner requested permission to withdraw the petition with the liberty to file a fresh petition if the corporate debtor violates the terms and conditions of the settlement deed.

## Facts

The petitioner, Samunnati Agro Solutions Pvt Ltd, filed a petition (IBA/1368/2019) against the respondent, SR Marine Foods Pvt Ltd, under Section 9 Rule 6 of the IBC, 2016. The parties subsequently arrived at a compromise, documented in a Settlement Deed dated 2021-06-30. Based on this settlement, the petitioner sought permission to withdraw the petition, reserving the right to refile if the respondent (Corporate Debtor) failed to adhere to the terms of the Settlement Deed. The court considered this compromise as a valid basis for withdrawal, indicating that the parties had reached an agreement to resolve the matter outside of the formal insolvency process. The key fact is the existence of the Settlement Deed, which formed the basis for the petitioner's request to

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## Issues and analysis

### Issue 1: Whether the petitioner should be granted permission to withdraw the petition based on the …

**Ratio:** A party is generally allowed to withdraw a petition if a compromise or settlement has

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**Reasoning:** The court reasoned that the parties had arrived at a compromise through a Settlement

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**Interpretation:** This issue involves the interpretation of the court's power to allow withdrawal

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**Application:** In this case, the existence of the Settlement Deed between Samunnati Agro

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** Samunnati Agro…
- **Respondents:** SR Marine Foods…
- **Advocates:** Nithyesh…; Rohan Rajas…

## Timeline

- **2021-06-30 — Settlemen…**: Parties arrived at a…
- **2021-07-26 — Hearing…**: Hearing held on 2021-07-26 where the…

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