# In the matter of Waaman Products Private Limited

> Read the full IBC case summary for In the matter of Waaman Products Private Limited. NCLT judgment dated 2025-07-09. Citation: TCN-2025-NCLT-00812.

- **Court:** NCLT
- **Order date:** 9 Jul 2025
- **Citation:** TCN-2025-NCLT-00812
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/waaman-products-private-limited-9aa320f2

## Summary

### Background

The case involves an application filed by Waaman Products Pvt. Ltd. under Section 60(5) of the IBC, read with Rule 11 of the NCLT Rules, 2016, seeking to withdraw the Section 9 application previously filed by Rexsona Tiles Pvt. Ltd. for initiating Corporate Insolvency Resolution Process against Waaman Products Pvt. Ltd. due to a default in payment.

## Facts

Rexsona Tiles Pvt. Ltd. filed a Section 9 petition under the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Waaman Products Pvt. Ltd. The petition was filed due to Waaman Products Pvt. Ltd.'s default in paying a principal amount of Rs. 4,36,912/-. The National Company Law Tribunal (NCLT) heard the arguments and, by an order dated August 17, 2022, allowed the Company Petition No. 1047 of 2020, appointing Mr. Ramkripal Sharma as the Interim Resolution Professional.

## Issues and analysis

### Issue 1: Whether the application for withdrawal of the Section 9 petition should be allowed given the…

**Ratio:** When the operational debt, for which a Section 9 application was filed, is fully paid and…

**Reasoning:** The Tribunal observed that the parties had resolved their disputes amicably and executed…

**Interpretation:** The Tribunal interpreted **Section 60(5)** of the Code read with **Rule 11** of…

**Application:** In this case, Waaman Products Pvt. Ltd. filed an application for withdrawal…

## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Advocates:** For the Applicant:…; For the Respondent…; +4 more

## Timeline

- **August 17, 2022 — Section 9 petition…**: The Tribunal allowed the Section 9 petition filed by Rexsona Tiles Pvt. Ltd. against…
- **September 1, 2022 — Settlement Agreement…**: The applicant and respondent resolved their disputes amicably and executed a Settlement…

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