# In the matter of Aksh Optifibre Ltd.

> NCLT judgment dated 2023-03-29. Citation: TCN-2023-NCLT-04018. The case pertains to CP No. (IB)-59/9/JPR/2021 filed under Section 9 of the IBC, 2016. The…

- **Court:** NCLT
- **Order date:** 29 Mar 2023
- **Citation:** TCN-2023-NCLT-04018
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aksh-optifibre-ltd-470fa791

## Summary

### Background

The case pertains to CP No. (IB)-59/9/JPR/2021 filed under Section 9 of the IBC, 2016. The matter involves Borouge Pte Ltd. as the Operational Creditor and M/s Aksh Optifibre Ltd. as the Corporate Debtor. The case was heard by the National Company Law Tribunal (NCLT), Jaipur Bench.

## Facts

Borouge Pte Ltd. initiated a corporate insolvency resolution process against M/s Aksh Optifibre Ltd. under Section 9 of the IBC, 2016, by filing CP No. (IB)-59/9/JPR/2021. During the proceedings, both parties, represented by their respective counsels, informed the court that they had reached an amicable settlement and executed a settlement agreement. Consequently, the Operational Creditor sought to withdraw the petition. The relevance of the settlement agreement is that it formed the basis for the withdrawal of the insolvency petition, indicating a resolution of the dispute between the parties outside of the formal insolvency process.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 9 of the IBC, 2016, can be dismissed as withdrawn based on …

**Ratio:** A petition filed under Section 9 of the IBC, 2016, can be dismissed as withdrawn if the

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**Reasoning:** The court considered the submission by both counsels that the matter had been settled

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**Interpretation:** This interpretation allows for the resolution of disputes outside the formal

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

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Borouge Pt…
- **Respondents:** M/s Aksh Optifibre…
- **Advocates:** Vinayak Sri…; Abhishek…; +2 more

## Timeline

- **2021-01-01 — CP Filed…**: CP No. (IB)-59/9/JPR/2021 filed…
- **2023-03-29 — Order Da…**: Order passed dismissing the petition as…

## 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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