# In the matter of Uttam Galva Steels Ltd. C.P. No.(IB) 1829(MB)-2017

> NCLT judgment dated 2018-11-01. Citation: TCN-2018-NCLT-00398. The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 1 Nov 2018
- **Citation:** TCN-2018-NCLT-00398
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/uttam-galva-steels-ltd-cp-noib-1829mb-2017-11196dfc

## Summary

### Background

The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor and the Corporate Debtor reached a settlement, leading the counsel to request withdrawal of the petition.

## Facts

State Bank of India filed a petition against Uttam Galva Steels Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the Financial Creditor (State Bank of India) and the Corporate Debtor (Uttam Galva Steels Ltd) reached a settlement. Consequently, the counsel representing both parties requested the court to allow the withdrawal of the petition. The court acknowledged the settlement and granted permission for the withdrawal. As a result, the petition was dismissed as withdrawn.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 can be …

**Ratio:** A petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 can be

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**Reasoning:** The court reasoned that since the parties had reached a settlement, allowing the

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**Interpretation:** This interpretation acknowledges the importance of settlements in resolving

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**Application:** In this specific case, the court applied the ratio by considering the

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## Parties

- **Judges:** V. P. S…; Ravikumar…; +1 more
- **Appellants:** State Bank of…
- **Respondents:** Uttam Galva…

## Timeline

- **2018-11-01 — Hearing…**: Hearing of the Mumbai Bench of the…

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