# In the matter of Vijay Nirman Company Private Limited CP (IB) No. 64-9-AMR-2020

> NCLT judgment dated 2021-05-05. Citation: TCN-2021-NCLT-02190. The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 5 May 2021
- **Citation:** TCN-2021-NCLT-02190
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vijay-nirman-company-private-limited-cp-ib-no-64-9-amr-2020-5fdfbe6a

## Summary

### Background

The case involves a petition filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by the Operational Creditor, M/s. K.L. Malhotra & Co., against the Corporate Debtor, M/s. Vijay Nirman Company Private Limited. The petition was filed before the National Company Law Tribunal (NCLT), Amaravati Bench.

## Facts

M/s. K.L. Malhotra & Co., an Operational Creditor represented by Mr. Vivek Malhotra, filed a petition under Section 9 of the IBC against M/s. Vijay Nirman Company Private Limited, the Corporate Debtor. The petition was filed before the NCLT Amaravati Bench. During the proceedings, a Settlement Agreement was reached between the parties. The Operational Creditor then informed the court of their intention to withdraw the petition based on the Settlement Agreement. The court acknowledged the Settlement Agreement and dismissed the petition as withdrawn.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the IBC Code, 2016, can be dismissed as withdrawn …

**Ratio:** A petition filed under Section 9 of the IBC can be dismissed as withdrawn if the

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**Reasoning:** The court accepted the Settlement Agreement filed by the Operational Creditor and

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**Interpretation:** The interpretation is that the court recognizes the autonomy of parties to

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**Application:** In this case, the Operational Creditor and Corporate Debtor reached a

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## Parties

- **Judges:** Bhaskara Pantula…
- **Appellants:** KL Malhotra…
- **Respondents:** Vijay Nirman…; Vijay Nirman…

## Timeline

- **2020-01-01 — Filing of CP (IB) No.…**: Company Petition (CP (IB) No. 64/9/AMR/2020)…
- **2021-05-05 — 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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