# In the matter of Suryodaya Elevators Pvt. Ltd. C.P. (IB) No. 33-BB-2020

> NCLT judgment dated 2021-03-08. Citation: TCN-2021-NCLT-02783. The case involves a petition filed by M/s. Leo's Elevators Components Marketing Private Limited…

- **Court:** NCLT
- **Order date:** 8 Mar 2021
- **Citation:** TCN-2021-NCLT-02783
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/suryodaya-elevators-pvt-ltd-cp-ib-no-33-bb-2020-131e00e5

## Summary

### Background

The case involves a petition filed by M/s. Leo's Elevators Components Marketing Private Limited ('the Petitioner/Operational Creditor') under Section 9 of the IBC, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Suryodaya Elevators Private Limited ('the Respondent/Corporate Debtor'). The basis for the petition was the Respondent's alleged default of Rs. 16,54,007/-. The case was listed on multiple dates and adjourned at the request of the parties. The Operational Creditor and Corporate Debtor reached an amicable settlement, with the Operational Creditor agreeing to a lesser amount than the original claim. A joint memo for withdrawal was filed on 08.03.2021.

## Facts

M/s. Leo's Elevators Components Marketing Private Limited, the Operational Creditor, filed C.P.(IB)No.33/BB/2020 under Section 9 of the IBC, 2016, against M/s. Suryodaya Elevators Private Limited, the Corporate Debtor, claiming a default of Rs. 16,54,007/-. The case was listed on various dates between January 23, 2020, and March 1, 2021, and adjourned. The Operational Creditor and Corporate Debtor reached an amicable settlement where the Corporate Debtor agreed to pay Rs. 8,45,861/- in six monthly installments. The Operational Creditor acknowledged receiving Rs. 5,50,000/- from the Corporate Debtor during the pendency of the petition and a previous petition. A joint memo for withdrawal was filed on 08.03.2021. The previous petition, CP(IB)No.98/BB/2019 dated

…

## Issues and analysis

### Issue 1: Whether the Operational Creditor should be permitted to withdraw the petition based on the amicable …

**Ratio:** The Tribunal has the discretion to allow the withdrawal of a petition when the parties

…

**Reasoning:** The Tribunal considered the facts of the case, the submissions of the learned Counsel for

…

**Interpretation:** This interpretation emphasizes the Tribunal's power to facilitate settlements

…

**Application:** In this case, the Tribunal applied the ratio by allowing the withdrawal of the

…

## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s Leo's…
- **Respondents:** M/s. Suryodaya…

## Timeline

- **2020-01-23 — Case Lis…**: The case was listed on…
- **2020-01-24 — Case Lis…**: The case was listed on…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/suryodaya-elevators-pvt-ltd-cp-ib-no-33-bb-2020-131e00e5