# 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-01326. 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-01326
- **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-a42e8478

## 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. has been 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 to Mr. Basantani by Agrilife Technologies Pvt. Ltd. The Operational Creditor's counsel, Mr. Amol Vyas, stated that the admitted amount had been received and 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### Issue 1: Whether CP No. (IB)-147/9/JPR/2019 should be dismissed as withdrawn given the Operational …

**Ratio:** An application can be withdrawn if the applicant states that the admitted amount has been

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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 aligns with the principle that a party can withdraw a case if the

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**Application:** Since the Operational Creditor received the admitted amount, the court applied

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## Parties

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

## Timeline

- **2019-09-13 — Order Da…**: An order was issued for…
- **2019-09-12 — DD Date…**: DD No. 005894 was…

## 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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