# In the matter of Vepco Bio-Tech Pvt. Ltd. CP(IB) No. 603-9-HDB-2018

> NCLT judgment dated 2019-04-05. Citation: TCN-2019-NCLT-04116. The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 5 Apr 2019
- **Citation:** TCN-2019-NCLT-04116
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vepco-bio-tech-pvt-ltd-cpib-no-603-9-hdb-2018-a555b6f1

## Summary

### Background

The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC). A joint memo for withdrawal was filed, enclosing a settlement deed. The petition had not yet been admitted.

## Facts

Gharda Chemicals Ltd filed a petition against Vepco Bio-Tech Pvt Ltd under Section 9 of the IBC. A joint memo for withdrawal was filed, indicating a settlement between the parties. The petition had not yet been admitted by the NCLT. The settlement deed was enclosed with the withdrawal request. The operational creditor sought permission to withdraw the petition based on the settlement.

## Issues and analysis

### Issue 1: Whether the Operational Creditor can be granted permission to withdraw the petition following a …

**Ratio:** The legal principle is that parties are generally allowed to settle disputes and withdraw

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**Reasoning:** The court reasoned that since a settlement deed was enclosed with the joint memo for

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**Interpretation:** This interprets the IBC as allowing for settlements and withdrawals before the

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

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## Parties

- **Judges:** Ratakonda…
- **Appellants:** Gharda Chemicals…
- **Respondents:** Vepco Bio-Tech…

## Timeline

- **2018-01-01 — Company Petiti…**: CP(IB) No.603/9/HDB/2018…
- **2019-04-05 — Hearing…**: Hearing held 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)

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