# In the matter of Star Thermkplastics Road Markings Pvt. Ltd. IBA-1112-2019

> NCLT judgment dated 2020-09-21. Citation: TCN-2020-NCLT-00572. The case involves a petition filed under Section 9 of the IBC. During the hearing, the Learned…

- **Court:** NCLT
- **Order date:** 21 Sept 2020
- **Citation:** TCN-2020-NCLT-00572
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/star-thermkplastics-road-markings-pvt-ltd-iba-1112-2019-113c8fe3

## Summary

### Background

The case involves a petition filed under Section 9 of the IBC. During the hearing, the Learned Counsel for the Respondent stated that an affidavit was filed by Mr. Sivaraman, Managing Director of the Corporate Debtor, which was received by the Tribunal on 21.09.2020 via email. The Learned Counsel for the Petitioner stated that based on the statements in paragraph '9' of the affidavit, the petition could be disposed of.

## Facts

Onward Chemicals Pvt Ltd filed a petition against Star Thermoplastic Road Markings Pvt Ltd under Section 9 of the IBC. During the hearing, the respondent's counsel stated that an affidavit was filed by Mr. Sivaraman, the Managing Director of the corporate debtor, which was received by the tribunal via email on 2020-09-21. The petitioner's counsel stated that based on the statements in paragraph '9' of the affidavit, the petition could be disposed of. Paragraph '9' of the affidavit states that if the respondent has not claimed the GST refund from the GST department, the petitioner is inclined to claim the GST refund, and therefore there shall not be any outstanding amount pending from the respondent to the petitioner. The corporate debtor provided an undertaking that

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the IBC can be disposed of based on the affidavit …

**Ratio:** A petition can be disposed of if the parties reach a settlement or understanding that

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**Reasoning:** The court considered the affidavit filed by the Corporate Debtor's Managing Director,

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**Interpretation:** This implies that if the core issue of the dispute (in this case, the GST

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**Application:** In this case, the Corporate Debtor's undertaking not to claim the GST refund,

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** ONWARD CHEMICALS…
- **Respondents:** STAR THERMOPLASTIC…

## Timeline

- **2020-09-21 — Affidavit R…**: Affidavit filed by Mr. Sivaraman, Managing Director of the Corporate Debtor, received by…
- **N/A — Undertaking…**: Corporate Debtor provided an undertaking that…

## 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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