# In the matter of A2Z Infra Engineering Ltd. IA No. 977-2022 and CP(IB) No.179-Chd-Hry-2021

> NCLT judgment dated 2022-08-25. Citation: TCN-2022-NCLT-01271. The petitioner, an operational creditor, filed a main petition under Section 9 of the IBC,…

- **Court:** NCLT
- **Order date:** 25 Aug 2022
- **Citation:** TCN-2022-NCLT-01271
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/a2z-infra-engineering-ltd-ia-no-977-2022-and-cpib-no179-chd-hry-2021-44bcef2e

## Summary

### Background

The petitioner, an operational creditor, filed a main petition under Section 9 of the IBC, 2016, seeking to initiate corporate insolvency resolution proceedings against the corporate debtor. During the pendency of this petition, the parties reached an amicable settlement.

## Facts

Steel Products Ltd., the operational creditor, filed a main petition, CP(IB) No.179/Chd/Hry/2021, against A2Z Infra-Engineering Services Ltd., the corporate debtor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. This petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to an alleged default in payment. The matter was being heard by the National Company Law Tribunal, Chandigarh Bench.

## Issues and analysis

### Issue 1: Whether the petitioner/operational creditor should be permitted to withdraw the main petition after …

**Ratio:** The NCLT permitted the withdrawal of the main petition and dismissed the insolvency

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**Reasoning:** The learned counsel for the petitioner stated that the corporate debtor approached the

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**Interpretation:** The NCLT interpreted the provisions of the IBC and NCLT Rules to allow for the

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**Application:** Given the Settlement Agreement and the petitioner's confirmation of receiving

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## Parties

- **Judges:** SUBRATA KUM…; Harnam Singh…
- **Appellants:** Steel Products…
- **Respondents:** A2Z Infra-Engineer…
- **Advocates:** For the petitioner…; Anirudhya Dutta,…

## Timeline

- **June 3, 2022 — Settlement Agreement…**: A Settlement Agreement was filed vide IA No. 977/2022, indicating an amicable resolution…
- **August 25, 2022 — Order pa…**: The NCLT passed an order allowing the withdrawal of the main petition and dismissing…

## 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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