# In the matter of Steelco India Pvt. Ltd. (IB)-383 (ND)-2017

> NCLT judgment dated 2017-10-24. Citation: TCN-2017-NCLT-00265. The case involves M/s Alloy Steels Emporium (P) Ltd. versus M/s Steelco India Pvt. Ltd. The…

- **Court:** NCLT
- **Order date:** 24 Oct 2017
- **Citation:** TCN-2017-NCLT-00265
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/steelco-india-pvt-ltd-ib-383-nd-2017-811906d8

## Summary

### Background

The case involves M/s Alloy Steels Emporium (P) Ltd. versus M/s Steelco India Pvt. Ltd. The matter was heard, and orders were reserved. Subsequently, the file was taken up again upon mentioning by both counsels.

## Facts

M/s Alloy Steels Emporium (P) Ltd. filed a petition against M/s Steelco India Pvt. Ltd. The Corporate Debtor, M/s Steelco India Pvt. Ltd., tendered 17 post-dated cheques towards discharging its existing liability. The petitioner's counsel submitted that subject to the clearance of these cheques, the claim would stand satisfied. Consequently, the petitioner sought to withdraw the petition with the liberty to refile if the cheques were dishonored. The court considered the submission and the interest of justice, and the petition was disposed of as withdrawn. The key fact is the tendering of post-dated cheques by the Corporate Debtor, which led to the withdrawal of the petition.

## Issues and analysis

### Issue 1: Whether the petition can be disposed of as withdrawn based on the Corporate Debtor's tendering of …

**Ratio:** A petition can be disposed of as withdrawn if the parties agree and it serves the

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**Reasoning:** The court reasoned that disposing of the petition as withdrawn was appropriate because

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**Interpretation:** This legal issue involves the interpretation of the Insolvency and Bankruptcy

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** SH. S.K MOH…; Ina Mal…
- **Appellants:** M/s Alloy Steels…
- **Respondents:** M/s Steelco India…

## Timeline

- **2017-10-24 — Hearing…**: Hearing before the New Delhi Bench of…
- **N/A — Tendering of…**: The Corporate Debtor tendered 17 Post Dated Cheques towards discharge of the existing…

## 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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