# In the matter of Agrilife Technologies Pvt. Ltd. CP No. (IB)- 148-9-JPR-2019

> NCLT judgment dated 2022-08-18. Citation: TCN-2022-NCLT-01328. The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 18 Aug 2022
- **Citation:** TCN-2022-NCLT-01328
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/agrilife-technologies-pvt-ltd-cp-no-ib-148-9-jpr-2019-35d3b2d8

## Summary

### Background

The case involves an application under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. Mr. Jatin Basantani, the Operational Creditor/Applicant, filed a CP No. (IB)-147/9/JPR/2019 against Agrilife Technologies Pvt. Ltd., the Corporate Debtor/Respondent. A demand draft (DD) for Rs. 3,05,717/- drawn on Axis Bank Ltd. was handed over to the Petitioner by the Respondent.

## Facts

Mr. Jatin Basantani, the Operational Creditor, initiated proceedings against Agrilife Technologies Pvt. Ltd., the Corporate Debtor, under Section 9 of the IBC, 2016. A demand draft for Rs. 3,05,717/- was issued by the Corporate Debtor to the Operational Creditor. The Operational Creditor's counsel, Mr. Amol Vyas, stated that the admitted amount had been received. Consequently, the Operational Creditor sought to withdraw the application. The key fact is the receipt of the admitted amount, which led to the withdrawal of the application.

## Issues and analysis

### Issue 1: Whether the application CP No. (IB)-147/9/JPR/2019 can be dismissed as withdrawn upon the …

**Ratio:** An application under Section 9 of the IBC can be withdrawn if the operational creditor

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**Reasoning:** The court accepted the submission of the Operational Creditor's counsel that the admitted

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**Interpretation:** This interpretation allows for the efficient resolution of insolvency

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**Application:** Since Mr. Jatin Basantani received the admitted amount and sought to withdraw

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Jatin Bas…
- **Respondents:** Agrilife Technolog…
- **Advocates:** Amol…; Prateek K…

## Timeline

- **2019-09-13 — Order Da…**: Order dated 13.09.2019, a DD for Rs. 3,05,717/- drawn on Axis Bank Ltd. bearing DD No.…
- **2019-12-09 — DD Date…**: DD No. 005894 dated 12.09.2019 in…

## 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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