# 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-00404. The case pertains to C.P. No.(IB)1829(MB)/2017 filed before the National Company Law Tribunal…

- **Court:** NCLT
- **Order date:** 1 Nov 2018
- **Citation:** TCN-2018-NCLT-00404
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/uttam-galva-steels-ltd-cp-noib-1829mb-2017-ab1e85d6

## Summary

### Background

The case pertains to C.P. No.(IB)1829(MB)/2017 filed before the National Company Law Tribunal (NCLT), Mumbai Bench. The matter involves State Bank of India as the financial creditor and Uttam Galva Steels Ltd as the corporate debtor. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.

## Facts

State Bank of India filed an insolvency petition against Uttam Galva Steels Ltd under Section 7 of the Insolvency and Bankruptcy Code, 2016. During the proceedings, the counsels for both State Bank of India (the financial creditor) and Uttam Galva Steels Ltd (the corporate debtor) informed the NCLT that a settlement had been reached between the parties. Consequently, the counsel for the financial creditor requested permission to withdraw the insolvency petition. The relevance of the settlement is that it provided a basis for the financial creditor to seek withdrawal of the insolvency proceedings, leading to the dismissal of the petition.

## Issues and analysis

### Issue 1: Whether the NCLT should allow the withdrawal of an insolvency petition filed under Section 7 of the …

**Ratio:** The legal principle applied is that tribunals have the discretion to allow the withdrawal

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**Reasoning:** The court reasoned that since both parties, the financial creditor and the corporate

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**Interpretation:** This legal issue involves the interpretation of the tribunal's powers to manage

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**Application:** In this specific case, the ratio and reasoning were applied to the fact that

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** State Bank of…
- **Respondents:** Uttam Galva…

## Timeline

- **2017-01-01 — Filing of C.P.…**: The insolvency petition C.P.…
- **2018-11-01 — Hearing…**: Hearing of the Mumbai Bench of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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